Help I wanna get out!?

[Eli Gilbert]

BP family, I am a Newbie in trouble!

Help

Please

I have a house under contract, I have signed everything, closing etc, but the HML has not yet wired the money!

Can I legally still back out?

There are no contingencies

Thanks

[Charlie MacPherson]

@Eli Gilbert Well, that's a different story.  If you truly had no inspection contingency and you want to back out because of an inspection issue, you should expect to lose your deposit.

At this point, you have to decide whether the repair issue is so expensive that losing your deposit is a better decision for you.  You also need to read the contract again to be sure that loss of deposit is the full remedy in the event of buyer default.  Depending on how it's written, you could also end up getting sued for specific performance (a court order forcing you to fulfill your contractual obligations).  Your reputation is going to take a hit too.

The important takeaway for the future is to be sure you have proper representation. 

If I were your Realtor, I'd strongly caution you against writing an offer without both inspection and financing contingencies.  There are times you can waive home inspection - I just did it on our new home in Maine.  It's a fairly new home and was in immaculate condition, plus I went through it with a fine tooth comb.  But that was a risk that I was willing to accept as we were up against another offer.

However, unless you have actual cash in the bank, waiving the financing contingency is just plain reckless.  Let's say something unexpected happens, like losing your job.  The lender decides that he's no longer going to do the deal - and now you're stuck.  At the very least, your deposit is at risk.

DIY is OK if you really know what you're doing, you don't necessarily need a Realtor, but until you've put in your 10,000 hours, DIY real estate is playing with fire.