what is the contract time limit on a home purchase.

gareed · Joined: 04 Aug 2008 Posts: 2 1.59 Dollars($)

We put a purchase in on a home. the seller signed it Saturday evening. It there any time limit to when we can back out and still get our money back.

gmakerley · Posted: Mon Aug 04, 2008 10:08 am Post subject:

generally, once you've entered into a formal contract, you're bound to it. the only way in which you would ordinarily get your initial deposit back is if your effort to receive a loan was declined.

if you are seriously thinking of backing out, you ought to let everyone concerned know about your thoughts, and do so as quickly as possible. perhaps your realtor(s) and seller(s) will be charitable.

gareed · Joined: 04 Aug 2008 Posts: 2 1.59 Dollars($)

Thank you for getting back with me so quickly It is greatly appreciated.
I Still cannot believe that their is no 1-3 day protection for the purchaser.

gmakerley · Posted: Mon Aug 04, 2008 10:51 am Post subject:

think of the homeowner, however; once a contract is tendered and accepted, the homeowner is obliged to remove the property from the market.

in many cases (especially in 2008), the home may have been on the market for a while, and the turmoil that would be added by making the purchase a rescindable deal would be unbearable for a seller of a home.

Guest 0.10 Dollars($)

Thank you have a great day

Georgia

kpatrick · Posted: Mon Aug 04, 2008 7:11 pm Post subject:

Hi Georgia,

Another way to get out depends on how the inspection clause was written. Usually contracts allow for an inspections and then after you get it, you can ask for certain things to be fixed that are brought to light thru the inspection...or sometimes it gives you the right to back out if something comes to light that you did not know about.

However, regarding your need to back out...it is not uncommon to suffer from "buyers remorse". If this is your first time buying and you don't really have a reason that you want to back out, know that it is common thing, b/c buying a home, especially your first home, is a scary process.

But know that it is the best and first investment that you should make to secure your future. You have to live somewhere, and more than likely, you will have to pay rent; so you might as well be paying yourself! Very Happy

Jason1 · Posted: Mon Aug 04, 2008 10:54 pm Post subject:

Hi Georgia,
I don't know in which state you're in contract, or of the same importance, which form you've used for your purchase agreement. In California the contracts issued by California Association of Realtors have several provisions for contingency periods. If boxes are left unmarked there is a provision for default time periods for contingency removal, such as loan, appraisal, and inspection contingencies. This is a common way out, or trap door. Unfortunately, in CA real estate law, a contract is legally defined as a written agreement to which both parties are bound so if your only reason is buyer's remorse CAR contracts do not automatically provide for a free way out.
The reason I mentioned 'which form' is that the majority of properties in CA being purchased are now REO or short sales and you will likely find the seller (bank) has its own forms. These contracts are less buyer-friendly.
The question you asked may be best to pose to your realtor, of course, unless you are buying from a dual agent (representing both you and the seller) or from a builder.
If your purchase is in CA please feel free to contact me and I will review your paperwork. If in another state, I recommend contacting a real estate agent/broker licensed in that state.
Best regards,

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