Bought a house, now don't want it

[Lewski709]

Haven't moved in or even closed. I am having jitters and have been getting really bad headaches, tummy aches and everything else. I think I'd just rather stay where we are (house hasn't sold). Can we get out before we get in?

 

[jel0511]

Only if you had a clause in the new house contract that the sale was pending you selling your old house. If you don't, you are contractly obligated to buy the house, unless you don't get approved for a mortgage (that language is usually in all sale contracts). If you don't have this language and already have been approved for a mortgage, to get out will mean forforture of your good faith deposit.

 

[Lewski709]

If all it was was to forfeit the good faith monies, I think I would do it. I don't think we can just do that. There are no clauses and we are approved.

 

[canwegosoon]

Another clause to get out is the home inspection (I hope you have that...). Otherwise, call your attorney, see if you can get out of it...if not call the listing agent and see if there was any other bids or relist the house yourself.

 

[Duckfan]

I don't think you really want to back out. I think that you are probably like me and get extremely tense when making major decisions like houses and cars. I am great at the what if game so it can get pretty upsetting. I just need time to get adjusted to the changes and the decision and I bet you will love your house when all is said and done. Hang in there, this too will pass.

 

[Tigger&Belle]

Why is it that you want to stay where you are? Is it a matter of not being able to afford the new house? Just the normal jitters many of us go through during a big purchase? (just don't get cold feel and run off to New Mexico! ).

T&B

 

[Lewski709]

We have th home inspection, yes. How can we get out by that? We know it needs electrical updates as it was a one owner home and no GFI's are in.

Duckfan, it could be that...I dunno. I just think this isn't the right thing.

I think I'd like to stay because of location, kids in the area for my kids at both places are about the same, not a huge difference in schools, closer to everything now that we like (church, groceries, etc).

 

[jel0511]

If all it was was to forfeit the good faith monies, I think I would do it. I don't think we can just do that. There are no clauses and we are approved.

You can default on the contract, and the current owner gets to keep the good faith monies. It is that simple. If you truly want to "get out" call your atttorney on Monday and let them know. If it's just anxiety over making a huge change, don't do anything, but wait. You might be feeling stress that you haven't sold your current home, stress about packing up, etc.

 

[Sandy22]

We have th home inspection, yes. How can we get out by that? We know it needs electrical updates as it was a one owner home and no GFI's are in.

I think that if you're not happy with the results of the home inspection, you can get out of the contract. For example, mold scares the crap out of me. I would refuse to buy a house that had water damage and/or signs of mold growth. I wouldn't care how much or how little it would cost to fix, it would be a deal-breaker for me.

Good luck!

 

[Lisa F]

You can default on the contract, and the current owner gets to keep the good faith monies. It is that simple. If you truly want to "get out" call your atttorney on Monday and let them know. If it's just anxiety over making a huge change, don't do anything, but wait. You might be feeling stress that you haven't sold your current home, stress about packing up, etc.

It's not that simple. The seller of the house can sue you for specific performance for not carrying through on the contract. The court could order you to close on the house or order you to pay additional monies to the seller or both. The seller has had their home off the market for a while and has lost valuable selling time because of it. This is not something that you can just change your mind on, you signed a contract. I'm sorry that you are having pre-closing jitters but you need to hold up your end of the contract.

I probably didn't eat or sleep for the whole month before we bought our house. Moving is one of the worst things in the world to have to do and the stress involved in spending so much money on such an important purchase is phenominal. Maybe you should sit down and think about what attracted you to this house in the first place and start thinking about how you want to decorate and make it your own.

 

[Lisa F]

I think that if you're not happy with the results of the home inspection, you can get out of the contract. For example, mold scares the crap out of me. I would refuse to buy a house that had water damage and/or signs of mold growth. I wouldn't care how much or how little it would cost to fix, it would be a deal-breaker for me.

Good luck!

There is generally a period of time during which you can use the inspection to get out of your contract. It's generally not open ended and something small like no GFI's (which were probably not even code when the house was built) is not a reason to cancel a contract due to home inspection findings. You generally have a set period of time during which you can renegotiate based on a home inspection and something trivial can't be used as a dealbreaker.

 

[Carl]

I don't know what it is like in your area, but here in Houston I have had several people back out of the contracts and decide not to go through with the purchase. I never got to keep their good faith deposits, because the title company told me that until I refunded their deposit, I could not accept another contract from a new buyer. I always felt like the deposits didn't mean anything because this happened to me several times. Of course, these sells were all in the less than 100,000 bracket, so it did not make it worth hiring a lawyer and taking the people to court.

 

[Pin Wizard]

Wow, Carl! That doesn't sound right to me. I know when I sold my home a year ago, my realtor said that if the guy backed out, he gave up the deposit. A percentage would go to me and realtors involved. Are they different by state?

 

[sunnygal]

I was going to buy a house, but now dont want it. I havent even signed a contract on it...but have given over $100K towards the house to the builder...can i get out of it?

 

[mainewmn]

I was a nervous wreck when we wore buying our house. I drove everyone crazy with my numerous questions, worries, etc, etc. In the end when the time came we got the keys, I felt like the luckiest girl in the whole world.

 

[pyrxtc]

I was going to buy a house, but now dont want it. I havent even signed a contract on it...but have given over $100K towards the house to the builder...can i get out of it?

Why would you give over $100,000 to someone you don't even have a contract with??

 

[Chicago526]

The day I closed on my first home (a condo) I sat down in the empty living room and had a small panic attack. "I paid $108,000 for THIS?" was my thought!

Once I was settled in, though, I loved it. I sold "THIS" for a $50,000 profit 4 years later, so I made out fine, too!

Same thing when I bought the new house this summer. This time it wasn't the house (I love the house) it was the bigger mortgage payment and all the work of upkeep and maintenance (and the broken A/C during record heat!) that got my blood preasure up.

But now, I love it! Well, I might not when we get the first winter heat bill...but that's another thread!

My point is, that change is a very scarey thing, and it could be the stress of the whole thing that has you down. Calm down, look at things objectively, and remember WHY you decided to move in the first place, and WHY you picked this particular house. Focus on that, and not the negatives.

 

[goodeats]

I'm kind of tearing up now, because I'm in a sort of similar situation. I've been praying that something would happen so we could back out of the deal, but really it's just nerves and fear of the unknown. (At least for me, don't know about the OP). My DH and I will be fine.

 

[Feralpeg]

I agree with Carl somewhat. I had a buyer back out on me with no explanation a week prior to close. When I tried to get the earnest money, the title company would not turn it over to me without the written consent of the buyers. They wouldn't give consent. I had to threaten to take them to small claims court before they would relinquish the earnest money.

 

[MrsPete]

Haven't moved in or even closed. I am having jitters and have been getting really bad headaches, tummy aches and everything else. I think I'd just rather stay where we are (house hasn't sold). Can we get out before we get in?

Correction: If you have not yet closed, then you have not yet BOUGHT a house. You're just under contract to buy.

Yes, you can back out for any reason you please; however, one thing will definitely happen: you'll lose your earnest money. Another thing MAY happen: If you don't have a good reason, which is also mentioned in the contract (i.e., house didn't pass inspection or financing didn't go through) the seller may choose to sue you for breach of contract. If the seller has taken the house off the market for some time and has possibly lost buyers waiting for your closing, then he will sue you. If he's a particularly nice person, or if the house has only been off the market for a matter of days, then you might not be sued. But it's a risk.

If you're having second thoughts, it might be wise to approach the seller and explain that you'd like to be "let out of the contract", apologizing profusely and explaining that you are aware that your forfeit your up-front money. This may or may not work, but it could be better than ending up with a house you don't want.