Comments on: How can I back out of a property contract as a buyer?

By: ..

.. — Thu, 25 Feb 2010 20:13:59 +0000

ed atun is right.
no u kept your deal, u can back out, what they might want u to do, the seller is sign a contract, stating you will give them the extra month, dont do it. why should you, dont sign nothing, make sure u have a lawyer representing you.
in my case, i had a different expercience, i wanted the house, so my closing date was needed 3 weeks, and the seller agreed to give me more time, so i can close on the house.
i had a lawyer too.
u are free to walk away just let the closing date end and your free and clear.
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ed atun is right

By: Ed Atun

Ed Atun — Thu, 25 Feb 2010 20:05:59 +0000

First you refuse to sign an extension. Then you send a notice of default because they passed the closing date. Then you are free. If they allow the closing to happen in 1 day, you are probably stuck... or you could give up your earnest money and walk away.
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By: Dizzy_Lizzy

Dizzy_Lizzy — Thu, 25 Feb 2010 19:29:59 +0000

The only way for you to get out without the possibility of being sued is if one of your contingencies wasn’t met, example: your contract was contingent on financing and you can no longer get a loan due to the delay.
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By: Dale H

Dale H — Thu, 25 Feb 2010 18:53:59 +0000

You will be out your earnest money and they could sue you for specific performance, but whether or not they would and whether they would win if they did is uncertain.

Good luck.
References :
7 years mortgage lending experience.