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Updated over 4 years ago on . Most recent reply presented by

Santiago Coppoletta's profile image
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Santiago Coppoletta
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Santiago Coppoletta
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Santiago Coppoletta
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Tax, SDIRAs & Cost Segregation

Backing out of a Purchase Agreement with no contingencies

Santiago Coppoletta
Posted

What happens if a sign a purchase agreement with no contingencies (“forced” to close within 7 days) and can’t buy the house in the end?

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Steve Morris's profile image
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Steve Morris
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  • from Portland, OR
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Steve Morris
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  • from Portland, OR
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Steve Morris
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  • Portland, OR
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Steve Morris
  • Real Estate Broker
  • Portland, OR
Replied

"I haven’t even paid the earnest money!"

Well, I guess you could say that without "consideration" a contract was not formed, then see what he does.

Most of these guys will yell and scream, but they are so "no money" they won't hire a lawyer.

If you get nervous, go talk to a lawyer.

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