Home › Forums › Closed Forums › Buying and Selling RE › Cold feet – Getting out of a purchase agreement
- This topic has 20 replies, 5 voices, and was last updated 14 years, 6 months ago by
sdrealtor.
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September 13, 2010 at 2:48 PM #17941September 13, 2010 at 2:56 PM #604269
urbanrealtor
ParticipantUnless you have already paid all funds into escrow (and even then it is hard) you generally cannot be compelled to close escrow.
Hope that cools you off a touch.
However, there is generally a clause about your deposit being kept as liquidated damages and that going away. Usually, that is harder to get back from a new builder than on a standard purchase agreement.
If you have not paid funds in at all yet, then don’t.
If you used a personal check, stop payment now.
If you did not walk away with a copy of what you signed and now it is more than 12 hrs later, the contract may be voidable (though I am not a lawyer, that is how it has been related to me by lawyers).Good luck.
September 13, 2010 at 2:56 PM #604357urbanrealtor
ParticipantUnless you have already paid all funds into escrow (and even then it is hard) you generally cannot be compelled to close escrow.
Hope that cools you off a touch.
However, there is generally a clause about your deposit being kept as liquidated damages and that going away. Usually, that is harder to get back from a new builder than on a standard purchase agreement.
If you have not paid funds in at all yet, then don’t.
If you used a personal check, stop payment now.
If you did not walk away with a copy of what you signed and now it is more than 12 hrs later, the contract may be voidable (though I am not a lawyer, that is how it has been related to me by lawyers).Good luck.
September 13, 2010 at 2:56 PM #605330urbanrealtor
ParticipantUnless you have already paid all funds into escrow (and even then it is hard) you generally cannot be compelled to close escrow.
Hope that cools you off a touch.
However, there is generally a clause about your deposit being kept as liquidated damages and that going away. Usually, that is harder to get back from a new builder than on a standard purchase agreement.
If you have not paid funds in at all yet, then don’t.
If you used a personal check, stop payment now.
If you did not walk away with a copy of what you signed and now it is more than 12 hrs later, the contract may be voidable (though I am not a lawyer, that is how it has been related to me by lawyers).Good luck.
September 13, 2010 at 2:56 PM #605014urbanrealtor
ParticipantUnless you have already paid all funds into escrow (and even then it is hard) you generally cannot be compelled to close escrow.
Hope that cools you off a touch.
However, there is generally a clause about your deposit being kept as liquidated damages and that going away. Usually, that is harder to get back from a new builder than on a standard purchase agreement.
If you have not paid funds in at all yet, then don’t.
If you used a personal check, stop payment now.
If you did not walk away with a copy of what you signed and now it is more than 12 hrs later, the contract may be voidable (though I am not a lawyer, that is how it has been related to me by lawyers).Good luck.
September 13, 2010 at 2:56 PM #604906urbanrealtor
ParticipantUnless you have already paid all funds into escrow (and even then it is hard) you generally cannot be compelled to close escrow.
Hope that cools you off a touch.
However, there is generally a clause about your deposit being kept as liquidated damages and that going away. Usually, that is harder to get back from a new builder than on a standard purchase agreement.
If you have not paid funds in at all yet, then don’t.
If you used a personal check, stop payment now.
If you did not walk away with a copy of what you signed and now it is more than 12 hrs later, the contract may be voidable (though I am not a lawyer, that is how it has been related to me by lawyers).Good luck.
September 13, 2010 at 3:07 PM #604911DataAgent
ParticipantWhat city are you buying in?
September 13, 2010 at 3:07 PM #605335DataAgent
ParticipantWhat city are you buying in?
September 13, 2010 at 3:07 PM #605019DataAgent
ParticipantWhat city are you buying in?
September 13, 2010 at 3:07 PM #604362DataAgent
ParticipantWhat city are you buying in?
September 13, 2010 at 3:07 PM #604274DataAgent
ParticipantWhat city are you buying in?
September 14, 2010 at 2:19 PM #604747permabear
Participant[quote=kutta2102]We entered into a purchase agreement on a new construction (David Weekley home). Within hours of signing, me and my wife had cold feet regarding affordability (we had done all the calculations numerous times before, but something about signing the contract gave us jitters).[/quote]
Having bought and sold several homes for my family, ask yourself: Is this legitimate concern, or “buyer’s remorse”?
I personally always get jitters after signing on the dotted line. It’s a personality trait some people have.
If the numbers work, and it’s a nice area that you want to live in, relax.
If you feel legitimately stretched, or you’re buying in an area you don’t really like because you don’t want to “miss out” on owning a home, that’s different…
September 14, 2010 at 2:19 PM #604658permabear
Participant[quote=kutta2102]We entered into a purchase agreement on a new construction (David Weekley home). Within hours of signing, me and my wife had cold feet regarding affordability (we had done all the calculations numerous times before, but something about signing the contract gave us jitters).[/quote]
Having bought and sold several homes for my family, ask yourself: Is this legitimate concern, or “buyer’s remorse”?
I personally always get jitters after signing on the dotted line. It’s a personality trait some people have.
If the numbers work, and it’s a nice area that you want to live in, relax.
If you feel legitimately stretched, or you’re buying in an area you don’t really like because you don’t want to “miss out” on owning a home, that’s different…
September 14, 2010 at 2:19 PM #605297permabear
Participant[quote=kutta2102]We entered into a purchase agreement on a new construction (David Weekley home). Within hours of signing, me and my wife had cold feet regarding affordability (we had done all the calculations numerous times before, but something about signing the contract gave us jitters).[/quote]
Having bought and sold several homes for my family, ask yourself: Is this legitimate concern, or “buyer’s remorse”?
I personally always get jitters after signing on the dotted line. It’s a personality trait some people have.
If the numbers work, and it’s a nice area that you want to live in, relax.
If you feel legitimately stretched, or you’re buying in an area you don’t really like because you don’t want to “miss out” on owning a home, that’s different…
September 14, 2010 at 2:19 PM #605404permabear
Participant[quote=kutta2102]We entered into a purchase agreement on a new construction (David Weekley home). Within hours of signing, me and my wife had cold feet regarding affordability (we had done all the calculations numerous times before, but something about signing the contract gave us jitters).[/quote]
Having bought and sold several homes for my family, ask yourself: Is this legitimate concern, or “buyer’s remorse”?
I personally always get jitters after signing on the dotted line. It’s a personality trait some people have.
If the numbers work, and it’s a nice area that you want to live in, relax.
If you feel legitimately stretched, or you’re buying in an area you don’t really like because you don’t want to “miss out” on owning a home, that’s different…
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