Buying real estate is an exciting time. You can put in an offer on a house for sale and before you know it, the place will be yours! But not every sale works out so smoothly. For instance, what would happen if you decided you didn't want the house anymore after you put in your offer? The situation is not hopeless. You won't be roped into buying an unsuitable house. There are options available for getting out of this mess. It just takes a little finagling sometimes. Here are some of your options.
Retract Before the Offer is Signed
Ideally, you would figure out that you don't want the property before you have heard back from the seller about your offer on their real estate. If this is the case, get your realtor or real estate lawyer to issue an immediate termination and notice that you are rescinding your offer. If the buyer has not yet signed, there is nothing they can do about it. If they have, whether or not they have recourse will depend on whether they have faxed or emailed it back to you yet.
Use a Clause
If your offer has already been accepted by the seller and you have received the signed contract, then your options are a lot more limited, but you can still get out of it. The best way is to use a clause. Almost all real estate contracts come with clauses that allow one or the other party to back out if there's a problem. All you need to do is find a problem with the property and use that as an excuse not to buy it. Your best bets are the finance clause (if you can't get a mortgage to buy the place) or the home inspection clause (if you find something wrong with the property).
Lump the Penalties
If you were foolish enough not to put any clauses into your contract that you can use to extricate yourself from an unpleasant situation, there is still an option. Instead of buying a home that you no longer want, you can back out of the contract and pay the penalty for doing so. Penalties for withdrawing from contracts without a reason are usually monetary, but a few hundred or even thousand dollars in fees is better than being forced to buy an expensive home you don't want.
Preventing the Need to Retract
Ideally, however, you would take the time to think carefully before you make any kind of offer. Many Realtors will encourage hasty decisions to avoid the possibility that the homes you were looking at will be snapped up by another couple, but this kind of hasty decision making often ends in trouble for the buyer. If you must make a quick offer, always remember to include clauses that will allow you a way out if you need one.