Buyer Looking to Back Out

[Greg D.]

I'm a first time home buyer (in NJ), and shortly after attorney's review I had buyer's remorse. I made a poor decision and rushed to put in an offer due to pressure from my agent. I met with a bank's mortgage specialist and realized that financially the deal does not make sense for me. I want to back out of the contract, but the seller is not willing to let me.

My attorney has suggested I proceed with a home inspection, in hope that gives me an out. I'm not confident this will provide an out because the house is a flip and has been re-done. If I breach the contract I can be sued for broker costs (which at that cost I might as well complete the deal)

I am considering writing a letter to the seller, explaining it was an honest mistake and that I'm willing to concede the deposit at the least. Is this a good idea or could potentially cause legal problems? Do I have any outs aside from hoping something comes up in the home inspection? Any words of advice would be greatly appreciated.

[Kenneth Garrett]

Greg,

I feel for your situation.  I have been an inspector for many years.  I can find things wrong on any house or building from the best qualified contractors.  If you have the inspection contingency it is there for your protection.  The inspector is your inspector and he/she works for you.  Explain what your situation is and I'm sure they can help you if necessary.  Do not ask anyone to do anything unethical but finding things on an inspection is fairly simple. 

Good Luck!