Today I want to go over what your options are as a buyer and as a seller if you change your mind after signing a purchase agreement.
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What can you do if you change your mind after you’ve signed a purchase agreement on a home?
As a buyer, there are so many loopholes in the Arizona purchase agreement. For example, you have a 10-day inspection period. If you know for sure that you don’t want to buy a particular home, something will come up in the inspection that will allow you to get out of that contract.
You could also find an issue with the seller’s disclosure form, the HOA guidelines, the codes and restrictions for the area, etc. If you want out of that contract, you are covered. Fear not!
As a seller, all bets are off. If you are a seller and you have signed a purchase agreement to sell your home, you are bound to that purchase agreement. The buyer might request some things such as repairs, in which case you can refuse to comply and hope the buyer walks away from the sale. However, if you feel in any way that you may not want to sell your home, tell your agent.
It’s much harder for a seller to get out of a purchase contract, so you need to be sure you want to sell before it’s signed.
In fact, I am working with a buyer right now in a case where the seller has changed their mind. The buyer now has an attorney, I have an attorney, the seller has an attorney, the seller’s agent has an attorney, and it is a complete mess. The seller is in hot water because she has a contractual obligation to sell her home, and it’s going to cost her a lot of money to keep it.
At the end of the day, this is your biggest investment, so make sure you are open and honest with the professional you have chosen to represent you.
If you have any other questions about this topic of you’re thinking about buying or selling a home, give me a call or send me an email. I’d be happy to help you.