Buying a home is a very big step to take! While you think you might have found the home of your dreams, a lot of you may decide you’ve simply changed your mind, gone through a life change, or you may have come to terms its just not the right time for you… whatever the reason things can happen and minds can change. That’s why you need to understand what you can do if something like that happens to you.
I will label this Commerce home buyer tips but it could be for any city – what if I decide I don’t want to the Commerce Township home? For no reason in particular I just want out of the purchase agreement. You may be getting buyer’s remorse. You may think you over paid, or that a better house may come up.
If this happens before the home inspection you might have a chance to get out of it if there are some inspection issues. You can use the inspection issues as a reason to get out. Then you are safe and you can get your deposit back. In most cases you can use the home inspection as your excuse to get out. The seller may not like it but there is really nothing they can do about it in most cases. Many sellers would rather get the home back on the market right away rather than deal with a uncertain home buyer. If you back out with the inspection clause you would most likely get your earnest money back.
The other way you could possibly get out is if you don’t qualify for a mortgage any more. You would need to get a mortgage denial letter from your lender. Then you could get your deposit back. I as your agent have to send that along with a mutual release to the listing agent to get your money back. I have heard of some mortgage loan officers doing that letter for you even if it is not true. It’s not really ethical but it has been done before.
If you just want to get out of buying that Commerce home and the inspection has passed and your mortgage company won’t give you a denial letter then you are going to lose your earnest money deposit.
I always say you have to think about what you are doing to the other side. The Commerce home owners think they have a deal with you. They are working in good faith. They are counting on you to buy their Commerce home. The question I always ask is “How would you like that to happen to you” if somebody just decided for no reason to back out? It is all about doing the right thing and karma. However you have to look out for you if you really do not want the home.
You can’t just change your mind and not expect to lose your earnest money. The seller has a valid contract and if there is no reason to get out they have the right to your deposit. It doesn’t matter if it is a Commerce home or any home in Oakland County or Wayne County. If you sign a contract you have to follow through with the contract or there are consequences.
If you have found that you want to work with a realtor that can help you no matter what stage of your real estate journey you are in, give Russ Ravary a call (248)310-6239 & firstname.lastname@example.org
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Here are some past articles I have written over the years that you may enjoy. So what are you going to do….huh will give you a little insight to real estate. If you are looking in Northville you may want to know about some of the subdivisions and see if they fit your family. Here is a nice sub in Northville…..Woodland North Subdivision Northville Twp MI or here is one in Novi that is worth looking at too Vista Hills Subdivision Novi MI.
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