Offer

From Page 3 mance,” in which the court forces the buyer to close on the home. However, this scenario is not very common. “It’s pretty rare that this happens,” says John Graff, CEO of Ashby & Graff Real Estate in Los Angeles. “You’re more likely to see the courts ordering a seller to close a sale, not the other way around.”

In some states, home purchase agreements have a clause that requires both parties to agree to mediation if there is a dispute. That means you’ll have a chance to plead your case to the seller directly, with the help of a neutral mediator – and, hopefully, resolve the issue outside of a courtroom.

Bottom line: How to get out of a home purchase contract

Buying a home is a serious commitment and shouldn’t be taken lightly. It is possible for a buyer to back out of a signed real estate contract with a seller, but there may be serious consequences. The best way to protect yourself is to build contingencies into the contract upfront, before signing. Working with an experienced real estate agent, and possibly a real estate attorney as well, can be crucial here.

If you do need to back out of an accepted offer, be honest with the seller as soon as you’ve made your decision. Work closely with your agent and attorney, who can help you communicate (in writing) why you want to back out. Ultimately, you may lose your earnest money deposit – but buying a home you don’t want or can’t afford would certainly be a more expensive mistake in the long run.

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