Can i back out the contract before the seller accept or counter back the offer?

Question

I put an offer to the house that i looked today and signed the contract..,i suppose to hear back from the seller no later than July 31st Thursday at 12 noon...Can i back out the contract before Thursday?...,and what will happen if I do that?....

Answer 1

You can withdraw an offer anytime before the other party accepts.  It doesn't matter that you put a deadline in your offer.

A counteroffer is an offer.  If the other party counteroffers, then that has the effect of canceling your initial offer.  You are then free to accept or decline the counteroffer.

Note:  Once the other party accepts, you become contractually obligated.  Backing out will mean breach of contract damages.

Answer 2

yes you can back out.  The contract isn't ratified until the seller signs it and a copy is given to you.  Write a letter NOW and give it to the agent (or seller).

Answer 3

You may withdraw your offer to purchase any time before the seller accepts same, without penalty of any sort.  However, you must do so in writing.  Get that done FAST !

Answer 4

call your agent IMMEDIATELY!!

Answer 5

you must communicate your Rescission Immediately!!  so email everybody and follow up with a hard copy to your agent! make sure he communicates it to the seller's agent ASAP

Answer 6

Usually you can't back out of anything you sign a contract unless you pay a fee to get out of it.

Although it never hurts to ask