Can Home Purchase Contracts be Terminated?
When purchasing a home, getting it under contract is an important first step but there is much more to the process of purchasing the home once it is “Under Contract” – Inspection/Due Diligence, Possible Repairs, Appraisal & Financing.
You want to make sure your real estate agent (hopefully me) has a firm understanding of the Contract and how the process works to protect you and your earnest deposit should things not go according to plan. They should also be willing to take the time to explain it to you in a timely manner to prevent any negative consequences if the process is not followed properly.
Some of my great long-time clients recently put a home under contract but were not satisfied with the results of the home inspection. There were several options from which to choose on how to proceed. They decided there were too many repairs that needed attention so they decided it was best to not move forward with the purchase. Working within the terms of the contract, we were able to quickly and successfully terminate it and get their earnest money returned.
There are a great many more details of this process so feel free to reach out anytime and I’d be happy to explain the process to best protect not only buyers but sellers as well.