Can you get out of buying a home prior to closing?

Question

We have already released our contingencies, paid some money down as good faith money, are having mortgage approved....WE WANT OUT due to money/health concerns. Is there any way to get out of this now?

Answer 1

At best, you will lose your earnest money deposit, and could possibly face legal action for specific performance of the contract signed, if the seller wishes to pursue same.  Such action is not common unless the seller has incurred goodly financial loss and trouble due to your backing out.

Answer 2

sure, pay all closing cost and forfeit the downpayment.

Answer 3

Yes, but you very likely lose your deposit.

When a home seller sues a defaulting buyer, monetary damages are usually sufficient. But many home purchase contracts contain a pre-agreed liquidated damages clause, so the buyers know their maximum default damages in advance. Many defaulting buyers are willing to "walk away" and forfeit all or most of their earnest money deposits to their sellers.

Answer 4

You legally lose your earnest money, if the seller is understandable you could get this back. I've known sellers that give this money back, but i never do. Thats my compensation for taking the house off the market for a month or longer.

Answer 5

Yes, but not without losing your money paid.