All Topics > Real Estate Resources > Buying > Making an Offer > Home purchase offer: Breaking the contract >

Home purchase offer: Breaking the contract Pennsylvania

Whether you can back out of buying a home without it costing you a lot of money depends on your contract.

Local Companies

Campers Paradise Campground & Cabins
814-752-2393
37 Steele Drive
Sigel, PA

Lisa Sanderson/BOBHAY.COM, REALTORS
570.476.2420
9 South Seventh Street
Stroudsburg, PA

Stage Two Sell LLC
607-857-5194
741 South Main St
Athens, PA

Keller Williams Real Estate Pittsburgh
724-413-6983
Keller Williams Real Estate
Eighty Four, PA

Century 21 Select Group (Brian Mccardle)
(570) 643-4823
Rt. 115, Po Box 200
Blakeslee, PA

Kerry Clean
(570) 722-0885
Po Box 1527
Albrightsville, PA

Anthony Schimmel, Associate Broker/Owner - Keller Williams Real Estate
(610) 395-9123
2901 Emerick Boulevard, Suite 100
Bethlehem, PA

Long & Foster Real Estate - Mary Lynn Bonsall
(877) 247-8080
3101 Emrick Boulevard
Bethlehem, PA

The Wagner Group - Keller Williams Real Estate
(212) 380-7448
2901 Emerick Boulevard, Suite 100
Bethlehem, PA

Grace Realty Co, Inc.
(610) 837-4131
LVIP IV, Suite B
Bethlehem, PA

provided by:

Buying a home is a big decision. And sometimes, after making a home purchase offer, you may decide you’ve made a mistake. Is it too late to back out once you’ve signed a contract? Not necessarily.

When you are allowed to back out

When you sign a purchase offer, you may stipulate certain conditions in the contract. If the seller agrees to these requirements, then you are allowed to back out of the deal if the conditions aren’t met. For example:

A home inspection. It’s always wise to stipulate that your offer is conditional upon a home inspection. If the inspector finds any problems that you did not anticipate or that you find unacceptable, and the homeowner refuses to correct these problems, this is an opportunity to back out of your decision to buy the home without penalty.
A home appraisal. You may also be able to back out of a home purchase offer without penalty if you’ve stipulated your offer is conditional upon an appraisal and the appraisal comes back with an estimated value that is lower than the selling price of the home. This can be important, particularly if it results in your lender refusing to grant you a sufficient mortgage to cover the cost of the property.

Backing out at a loss

You can also back out of your home purchase offer at any time prior to closing without a reason. If you do so, however, you will most likely to lose your “earnest” money (the percentage of the purchase price you paid up front). Backing out of a home purchase offer in this manner usually creates a stressful situation for both the buyer and the seller. It’s therefore something you should try to avoid. It’s always better to weigh your decision carefully in advance. At the same time, it’s important to know that you are able to back out if you feel you’ve made a mistake.

Published on January 12, 2007

Read full article at realestate.com

Featured Local Company

Campers Paradise Campground & Cabins

814-752-2393
37 Steele Drive
Sigel, PA

Read more about Home purchase offer: Breaking the contract

- Pros and Cons of Buying Pre-Constructed Homes Pennsylvania

Buying a new home is a daunting task in itself. Your may keep on hunting for ages and still not find anything that fits into your individual requirements. Whatever you come across can involve a lot of modifications that can cost you a fortune.

- Why Home Inspections Are Important Pennsylvania
- Ask an expert: Seller backing out of contract Pennsylvania
- The Steps to Closing on Your Home Pennsylvania
- Low Appraisal Needn't Derail Home Loan Pennsylvania
- Step 6: Making an Offer Pennsylvania
- Checklist: Contract Terms and Clauses Pennsylvania
- Contract on a home: your next steps Pennsylvania
- Buying a Lease-to-Own Home Pennsylvania
- In today's market, home buyers can negotiate winning deals Pennsylvania

Regional Articles

- Low Appraisal Needn't Derail Home Loan Pennsylvania

Buyers and sellers have options if the appraised value of a home is lower than expected.

- Checklist: Contract Terms and Clauses Pennsylvania
- Pros and Cons of Buying Pre-Constructed Homes Pennsylvania
- Ask an expert: Seller backing out of contract Pennsylvania
- In today's market, home buyers can negotiate winning deals Pennsylvania
- Buying a Lease-to-Own Home Pennsylvania
- Step 6: Making an Offer Pennsylvania
- Why Home Inspections Are Important Pennsylvania
- The Steps to Closing on Your Home Pennsylvania
- Contract on a home: your next steps Pennsylvania

Related Local Events

Notice of Judicial Sale -Real Estate Tax Sales
Dates: 10/30/2009 - 10/30/2009
Location: Greene County Fairgrounds,4H Building
Waynesburg, PA
View Details

New Member Orientation
Dates: 9/10/2009 - 9/10/2009
Location: ABC Chapter Office
Norristown, PA
View Details

The BOMA International North American Commercial Real Estate Congress and The Office Building Show
Dates: 6/27/2009 - 6/28/2009
Location: Pennsylvania Convention Center
Philadelphia, PA
View Details

Advertising	Food & Beverage	Nightlife
Business Services	Franchise	Online Database
Career	Health	Pets
Cars	Holidays	Real Estate Resources
Computer Hardware	Home Appliances	Retail & Consumer Services
Construction	Home Electronics	Software
Education	Home Services	Technology
Entertainment	Industrial Goods & Services	Telecommunications
Environmental	Insurance	Trade Shows
Family	Internet	Travel
Fashion	Legal	Weddings
Financial Services	Miscellaneous	World History

Advertising	Family	Home Services	Real Estate Resources
Business Services	Fashion	Industrial Goods & Services	Retail & Consumer Services
Career	Financial Services	Insurance	Software
Cars	Food & Beverage	Internet	Technology
Computer Hardware	Franchise	Legal	Telecommunications
Construction	Health	Miscellaneous	Trade Shows
Education	Holidays	Nightlife	Travel
Entertainment	Home Appliances	Online Database	Weddings
Environmental	Home Electronics	Pets	World History