Can I Change My Mind After Signing a Home Purchase Contract

[voncarlosdiaz]

I walked into a new development to view a home. After hearing so many good incentives, I agreed to purchase the home. We completed paperworks, and I signed and initial documents. I also agreed that I would return a few days later with a cashier check for the earnest money. After showing the home to my family, we decided that when I returned with the earnest money, before releasing the check we wanted the builder TO AGREE to do a few more things. If the builder refuse can I back out of the agreement to buy the home.

SOUTH CAROLINA

[Mr. Knowitall]

I very much doubt it. Read your contract and see what it says.

Builders, though, will typically accommodate a request for extras - they just charge you more.

[chuckycheese]

That's a great question which occurs every day in every state. The law of the state you're in makes a great deal of difference. For example, I entered into an agreement in Florida, several years back, and put down a huge deposit. Several of the things important to me weren't suitable and I was damn lucky to get my money back.

I had the same thing happen in California and got my money back within about 3 days with zero hassle. It really depends upon state laws and they're all different.

I think the reason it was so easy in California is because the state is so eager to look out for stupid people that they make it hard for any seller to keep a prospective buyer's money until the deal is solidified.