Life happens. Couples find out that they have a little one on the way, people get new jobs that result in them needing to relocate and aging parents have move in with their grown children. We can always count on life throwing us curve balls from time to time, but we cannot control when these changes will happen. Unfortunately, things can get a little trickier when major life happenings occur during the home buying process.
You have already had your offer on a home accepted, but you find yourself in a situation where you need to back out of the deal. So now what?
Most home purchases come with a contingency period. This means that you agree to move forward with the purchase as long as the inspection, financing and all other details check out according to your expectations. If something comes up during this time, like a major issue with the house construction that you would not want to tackle, you have the right to cancel the contract and get back all of your earnest money. Obviously, this is an ideal scenario when you want to withdraw your offer.
But what if you change your mind once the contingency period has already ended? Getting out of the contract is still possible, but you may lose your earnest money to reimburse the home seller for damages and time lost where they could have found a new buyer.
Regardless of whether you are withdrawing your offer within or outside of the contingency period, it is important to be upfront about your changing situation as soon as possible. An experienced Charlotte real estate agent can help you handle even the trickiest of situations. Plus, you still owe the sellers the courtesy of being open and honest, since they have a lot on the line too.
While this may be a less than ideal predicament to be faced with, you do not have to face the Charlotte real estate market alone. Be honest about the situation, provide specific dates on what you need to see happen and work closely with your real estate agent to find a solution that works for everyone.
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