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Guest

I recently made an offer on a Bank owned property and the offer was accepted. I signed with the lender and signed the contract for the house. Now I am in the escrow process and waiting for the house to be appraised, but I am having 2nd thoughts on buying this property due to the estimated monthly payments. Can I still get out of this house or am I stuck??

sara · Posted: Wed Oct 28, 2009 1:59 am Post subject:

Hi Guest,

You can cancel the deal if you are within the Rescission Period. This is a 3-day period just after you sign a contract wherein you can cancel the deal. The lender will refund the payments to you. Moreover you won't be liable to give any reason for the cancellation of the deal. However, after the rescission period is over, you may cancel the deal but the lender may not refund the payments.

Take care.

gmakerley · Posted: Wed Oct 28, 2009 8:19 am Post subject:

sara, i am unaware of any rescission period pertaining to a purchase contract on real estate. the lender has no impact, as no funds have been disbursed anyway. the only funds that have transferred would have been between buyer and seller. backing out is definitely an option, but in my opinion, and in my experience, the initial deposit will probably be lost. whoever handled this transaction (realtor) should have explained all this early on.

sara · Posted: Thu Oct 29, 2009 2:11 am Post subject:

Hi George,

Thanks for the information. I thought the Right to Rescission was available on all kinds of mortgage deals. That's the reason why I told the OP about it. Thanks once again for clearing out things to the OP.

Take care.

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