Can You Back Out of a Contract When Buying in Sun Lakes?

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The question of the day is, “When can I back out of the contract if I change my mind?” I’ll go through each step of the closing process and let you know what to do.

Now, signing a contract on a home is a good step. Homes are selling quickly, and if you see something you like, you should absolutely make an offer and get a contract. Otherwise, you might lose the home. 

Once the contract has been signed, your earnest money will be deposited in an escrow account, and a ten day due diligence period begins. You are responsible for getting all the information about the home. Have a home inspection and hire a termite guy to look at the property. Have professionals come in and check any appliances you’re confused about.

As you go through the due diligence period, fill out paperwork stating what you want done to the home. We send that list to the seller and try to negotiate. Sometimes the seller will be responsible for all of the repairs, sometimes they will only take care of a few repairs, and sometimes they won’t fix any repairs at all. 

The seller has five days to respond. All told, you have 15 days to decide whether or not to go through with the transaction. At this point, if you decide not to continue, it’s all over and you get your money back.  If there’s something you can’t live with in the property, it is absolutely fine to back out of the contract. 

If you have any questions, give me a call or send me an email. I would be happy to help you!