Real Estate Contract

[Alex Wong]

I have a question about real estate contract in general. From my understanding, there are mainly two ways to get out of a contract. Home Inspection and home appraisal. I am asking mostly for the scenario when I have buyer remorse after making an offer (offered too much) 

If I want to use home inspection to get out of a contract, I can use an inspection notice. 

1. What if the inspection comes out mostly clean, can I make up reasons to get myself out? Or does it have to be structurally/mechanically related or legitimate? 

2. However, if the seller agrees to fix everything, can I still elect to void the contract? What happens if the seller agrees to fix everything important but leaves one unfixed?

In terms of home appraisal, what if the appraised value comes out to be lower but the seller agrees to the full price reduction? Can I still choose not to accept his ? 

Also, I would like to know what some of the common contingencies/addendum I can put down to help me back out of a contract. 

Thanks,

[Mindy Jensen]

@Alex Wong , it sounds like this is a hypothetical question, rather than a situation you are currently in.

You do not have to give a specific reason for canceling the contract using the home inspection. However, if you do this too frequently, your agent will drop you as a client because you don't seem serious.

Running the numbers before you make an offer, and making a solid offer based on math not emotions will help you be more confident in your offer.

You can write just about anything into a contract, however the more addendums and contingencies you put into the contract, the less solid your position seems and the less likely you are to have your offer accepted in the first place.

You can also get out of a contract through a mortgage contingency - your offer is contingent upon getting a loan at X%. If you are denied the loan, or you can't get it at the right price, you can cancel the contract - as long as you do it within the alloted timeframe, which is stated in the contract.

Why are you so concerned about this before you make an offer?