Cold feet – Getting out of a purchase agreement

[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). I don’t remember reading the number of days I have to get out of the contract and get my earnest money back. I have sent an email to both the sales agent and my realtor indicating a change of heart. Haven’t heard from either of them. What are my options? Will I lose the earnest deposit? Can the builder force me to buy anyway?

Thanks very much…

[urbanrealtor]

Unless 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.

[urbanrealtor]

Unless 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.

[urbanrealtor]

Unless 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.

[urbanrealtor]

Unless 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.

[urbanrealtor]

Unless 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.

[DataAgent]

What city are you buying in?

[DataAgent]

What city are you buying in?

[DataAgent]

What city are you buying in?

[DataAgent]

What city are you buying in?

[DataAgent]

What city are you buying in?

[permabear]

[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…

[permabear]

[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…

[permabear]

[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…

[permabear]

[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…

[Author]

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