Question:

Back out from purchase real estate purchase due to drop in value?

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As the value of real estate is dropping weekly since I signed the contract, can I back out of the purchase deal?

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  1. Can you PROVE that with an appraisal?

    You can't say it and get out of it...you have to PROVE that by ordering ANOTHER appraisal that you'll have to pay for and notifying your bank.

    You can rest assured, it's not dropping weekly.


  2. Not for that reason.  If you do, the seller can sue you for breach of contract.  The seller can sue for the difference between your contract price, and the price the house untimately sells for.  And, the seller will win.

    You'll need to find some other "excuse," or else come to an agreement with the seller to mutually rescind your contract.

  3. ONLY If the INSPECTION TIME has

    not expired.
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