Can I back out of a sale?

[Shannon Cannon]

We just finished our first flip the first part of October.  The day we listed it with a realtor, we got a full priced offer of 149,900, and we agreed to pay 5000$ towards closing.  We thought we could potentially get other offers that did not involve paying closing costs, but we figured a bird in the hand is worth more than two in the bush! Long story short, the buyer has a rural develpment loan.  Closing was supposed to be Oct. 30th, (30 days) and we keep getting an extension request each week.  Two appraisals were done, first being 153,000 and second 147,000.  So now we got another extension request for 2 more weeks and a reduction in price of 147,000.  We are so aggravated now, that we are tempted to back out of the contract and not sign the extension.  Can we do that?  Would we be responsible for the appraisals, and fees associated with closing? So frustrated!!!! :/

[John Thedford]

Unless you agreed to pay for the appraisals, that falls on the buyer. You are not contractually obligated to extensions . Before you make a decision out of aggravation: weight the pros and cons. Have you had a LOT of activicty? Any backup offers? Sometimes the one in the hand IS worth more than two in the bush:)...best of luck whatever your decision.