When you make an offer on a home, you hope for the best. You work with a realtor and real estate agent to prepare you for just that moment in time. Nearly all home buyers dream of finding the right house that fits their needs, preferences, and home-buying budget. However, sometimes the lenses of a home buyer's rose-colored glasses start to fade, and reality seeps in.
If you change your mind about buying a house after making an offer, it's not always possible to get out of the situation. However, you may luck out and discover that you can in your particular situation. Here are three of the most popular reasons you may be able to back out of buying a house after committing to the purchase.
Reason #1: Loss of Employment
You never know what can happen in life, and some people find themselves unemployed at the most inopportune moment. If you lose your job before the sale of the home is final, you may be able to get out of things altogether. If you haven't signed away any contingencies and still have time to decide whether to move forward, it won't be a problem. Lenders may check to see that you are employed late in the process anyway.
Reason #2: Seller's Failure to Improve or Repair the Home
If the home seller has promised to make certain repairs or improvements on the home by a certain date, check to be sure that all commitments in this area have been kept. If the seller does not meet the terms as agreed, you can typically get out of the deal. You may talk to your real estate agent or a real estate lawyer like Garcia, Kinsey, Scott & Villarreal, P.L.C. about the specifics of the situation and how the seller failed to keep the promise to decide how to best move forward.
Reason #3: Lack of Finances or Inability to Qualify for a Mortgage
If you don't have the cash to buy the house up front, you need to qualify for a mortgage. You cannot buy the home if you cannot come up with the funds or mortgage to do so. Although you may have committed to buying the home, there's not a lot you can do if you aren't able to qualify for that mortgage or otherwise come up with the money for the house.
Finally, keep in mind that buying a home is one of the biggest financial investments many people ever make. Whether you want the home for a primary residence, rental property, vacation home, or some other purpose, it's important to be happy and feel confident about buying the home. Contact a real estate lawyer if you have any issues with finding or buying your dream home.