walking away from a deal

[Nick Taskani]

I'm new to investing...I have a property under contract, inspection has been done, and my financing is in process.   I've asked the seller to fix several items in the home.   I'm still about a month away from closing.  I'm getting cold feet.  It's my first rental property, I'm wondering whether I'll be able to rent it out.   I do have funds to pay mortgage if the place sits vacant for a few months, but not sure I want to do that.   My question is whether I can back out or not?  If the seller fixes everything on the inspection report, can I still walk away?   Am I obligated to close if my reason for backing out is simply 'cold feet'???

[Mike Arias]

Originally posted by @Nick Taskani:

I checked, no cold feet clause. 

So no one has done this before?  Can I say his repairs are not satisfactory to me?  

thanks!

I say you back out now rather than waste sellers time and money. I know it's a big step to get into REI, there is a lot to think about. Lying to get out of a contract is not a good way to start a business.