Can You Back Out of Buying a House?

What happens if you decide to back out of buying a home? The answer to this question depends on where you are in the process. First, don’t submit an offer on a home that you’re not 100% sure that you want. If you decide you want to back out during the inspection window or if your financing doesn’t go through, then you’ll be able to leave the deal and retain your earnest money. Now, if you want to back out and you don’t have any verbiage in the contract that protects you, then that’s it. It can be costly to back out of a contract like that; you could lose your earnest money, and the seller could potentially seek damages for their wasted time, depending on how long the home has been off the market.

"Don’t submit an offer on a home that you’re not 100% sure that you want."

Always get a really good agent who helps you understand the contract and exactly where you are in the process. They can also help you make sure that you’re happy with the house you want to make an offer on and are willing to go through the transaction until the end. If you have any questions about this or other real estate topics, don’t hesitate to give me a call or send an email. I’d love to hear from you.