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Updated over 4 years ago on . Most recent reply

Jay Mersfelder's profile image
Jay Mersfelder's profile image
Jay Mersfelder
  • Flipper/Rehabber
  • from Covington, KY
  • Member since Nov 17, 2020
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Jay Mersfelder's profile image
Jay Mersfelder's profile image
Jay Mersfelder
  • Flipper/Rehabber
  • from Covington, KY
  • Member since Nov 17, 2020
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Jay Mersfelder
  • Flipper/Rehabber
  • Covington, KY
16
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81
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Buying & Selling Real Estate

Getting out of contract

Jay Mersfelder
  • Flipper/Rehabber
  • Covington, KY
Posted

Any advice on how to back out of and contract.have a s.f..h under contract what can they do if I back out and is there way to do it with no repercussions

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Nathaniel J Mott's profile image
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Nathaniel J Mott
  • from Raleigh, NC
  • Member since Oct 7, 2019
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Nathaniel J Mott
  • from Raleigh, NC
  • Member since Oct 7, 2019
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Nathaniel J Mott
  • Raleigh, NC
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Nathaniel J Mott
  • Raleigh, NC
Replied

Like Jonathan said it is contract dependent. Why do you want to back out? Do you have contingencies? 

If you have a well worded inspection contingency and you determined the rehab was going to cost more than expected that would probably be an easy-ish way to back out. Do you have a financing contingency and your lender didn't approve of the deal?

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