How To Cancel Contract

[Nyaaisjah Samuel]

I have two on market deals on contract. After inspection If I noticed that I will need to renegotiate the pricing and/or terms. How do I go about doing so? Do I cancel w/ Realtor first or? Help me out here. Thanks in advance!
2 bed/1 bath 1120 sqft: heavy rehab

1 bed/1 bath 636 sqft: heavy rehab

[Jacob St. Martin]

Hello Nyaaisjah, 

If you have signed a contract then you only have a few options:

1. You can always back out of your contract at the cost of losing your earnest money deposit. 

2. You can renegotiate based on your inspection/inspection contingency

3. You can attempt to renegotiate with the seller without relying on one of the contract contingencies but the seller has no obligation to do this and will almost certainly say no (I would say no in this scenario). 

Your agent should be able to walk you through these options and the process for each