QUESTION
How do I get out of a California residential real estate contract to purchase? I close in 4 days
Asked on Jan 09th, 2017 on Residential Real Estate - California
More details to this question:
I am the buyer. I have released all contingencies except the loan contingency (It was suppose to be released on day 21 per contract, but it is day 39). Can I still get out without loosing my $22,000 deposit? The appraisal came back much higher, but the size of the house is much smaller than was listed on the MLS. Also, it needs a lot of work and I am overwhelmed with all that it needs. I have not felt a peace about this house since the beginning.
1 ANSWER
2 Awards
I am assuming that you aren't represented by a real estate agent? If you haven't removed the loan contingency than you should still be able to get out of the deal based on that ground. Sounds like there is also a misrepresentation issue regarding the size of the property that you could also likely use to get out of the deal. I would need to review the real estate purchase agreement to be able to advise you with certainty, but typically it is not difficult to cancel when contingencies remain.
Thanks,
Jon
Answered on Jan 10th, 2017 at 1:24 PM