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| I'm interested in buying a house but I'm not sure if I can. I would like to buy it, live in for less than 2 years and fix/resell. Can I do this being 21, 22k yearly, fico 700?. I'm ... |
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 Council House Question? |
Me and the bf have been on the waiting list for a while and we're close to getting a house now.
The only reason we're entitled to a 2 bedroom is because his son stays one night ... |
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 House buying question.? |
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 Any other women in their early twenties feel this way? |
| Ive been shopping for a home for about a year now. I want to own a house. I live alone now, but I rent, and thats such a waste of money. I rented the house 5 years ago when prices were good so now ... |
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mercedes | I am the buyer. i accepted the counter offer via phone(not in writing). can i change my mind & not purchase? |
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SndChaser
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Absolutely. The Statute of Frauds requires all contracts to purchase real estate to be in written form. A verbal agreement to purchase real estate is non-binding. |
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frankie b
 |
Yes you can change your mind. If you didnt sign a p&s you have nothing to worry about. |
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Cheryl R
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No, I believe the law states you are obligated to buy. If you are buying something like a car, you can back out of it. But, if you are buying a house and you agreed to buy it all conditions were meet then you have a legal obligation to buy it. There is however small a loop hole, have you had the house inspected? If not, then if any thing come back on the inspection and the previous owners are not willing to do any thing then you may have a way out of the sale. |
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donna_honeycutt47
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If you back out, of course you will lose the Good faith money you had to put down to purchase it. As long as its not in writing, I think you will be safe. Just contact the Buyer or Agent whom you spoke with and they can clear this matter up for you. |
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charmedchiclet
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A verbal agreement is also binding, but it could be hard to prove if it came to a court case. Rather than alienating your suppliers and trashing your reputation and risking legal action, it's better to try to renegotiate in the regular way. |
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novastarbanker
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Yes, you can change your mind. You are not even in contract yet. You actually have the right to back out right up ntil the time of closing, but usually by then, the seller can go after you for what is called "Failure to Perform", and be liable for nominal expenses incurred by the seller up to that point. Right now, you have a verbal accepted, and you haven't even gone to contract. Call the realtors if there are any, or the homeowner directly as soon as you can, and let them know you have decided not to make a purchase at this time. The quicker you let them know, the better so that they can continue the process of finding another buyer. |
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FastisGood
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Yes unless you sign you should have several outs |
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wwhrd
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Your word is a contract, BUT you still have ways out of it. You can find out from your realtor if they put in a clause that says you get to cancel for any reason. You can also have a home inspection done, they cost about $150. You will walk the property with the inspector, and even if he doesn't put anything in writing about a real problem you can say you feel uneasy about purchasing that property. You do have a way out and if you have to call a real estate attorney to get out of it, you should.
On a personal note, I withdrew an offer once and have regretted it every single day for the last few years. I hope you are sure that you want to withdraw your offer and get out. I totally regret not buying that house, it haunts me. |
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father of 4 husband of 1
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Yes but be prepared for pressure and possibly threats of legal action. Check it out for yourself before you bow to pressure. Make better decisions in the future then stick with them. |
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Ken
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Although the general rule is that real estate contracts must be in writing, a verbal agreement to purchase real estate may be enforced in certain circumstances. The practical answer is that most people do not want to litigate contracts, they want to sell real estate. You should do the honest thing and contact the seller as soon as possible and let him or her know. You probably have a legal right to back out anyway, there are mortgage contingencies, inspection contingencies and some states provide for a statutory right of rescission. |
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robertjrussell.com
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In the state of Texas - a buyer can change their mind before anything has been signed and the contract has been executed. Keep in mind - changing your mind has to happen either BEFORE the contract has been executed or you can do it after you execute the contract during the Option Period. In the option period you can change your mind for ANY reason and you would only lose about $100 ( typical fee) and your Earnest money would not be affected.
( READ THIS ) Make sure that you have a Realtor representing you in the purchase - so you dont get sued for breach of contract or failure to perform.
For more info - visit http://www.robertjrussell.com |
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raventattoocare
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I was in real estate and it was made very clear to me that everything had to be at LEAST initialled to be valid. If there is nothing in writing, I think you are off the hook. They probably won't deal with you again if you change your mind back, so are you sure? |
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plasma71104
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If you didn't sign anything you didn't agree to anything. Real Estate purchases falls under the Statute of Frauds and must be in writing to be enforcable. Just let the seller the know so you won't keep them hanging. |
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