Under contract - is it too late to cancel?

[Allan Wu]

I've been under contract for 3 months. After months of waiting, the seller finally was able to finish taking out an oil tank and get state regulatory approval. Since then my rates have gone up and the deal isn't as attractive. Is it too late to cancel the deal? My agent and lawyer and loan officer obviously are pushing to close fast. 

[Trenton Lukenbill]

Hello! I'm a licensed Realtor in the state of Missouri. Although some specifics can vary state to state, in most cases, you can legally back out of a contract. However, you are going to forfeit any Earnest money you have deposited onto the home(more than likely anyways, it depends on the fine specifics of your contract on the offer letter). Also, any sort of inspections, appraisals, and paperwork fees are not going to be refunded to you.

My advice is to read thoroughly through your contract and take notes of the contingencies and see if there are any specifics in which you can leverage yourself out of the contract, legally of course. I also suggested you be honest with your agent. It may be a scary, and frustrating process for you both, but please don't be peer pressured into a major life decision if you are not comfortable.

Best regards.