The short answer is NO… this assuming you don’t live in New Jersey, didn’t add an attorney review or your own “cooling-off” period clause into your contract (from the sound of it you did not… and chances are if had the seller would not have accepted your offer).
Buyers and sellers often errantly believe that such a 3-day period, called the right of rescission, applies to single-family homebuying contracts, car purchases and some other capital purchases. It doesn’t. Except for New Jersey, the federal 3-day cancellation period applies only to mortgage refinancing, home equity loans or similar lines of credit secured using the home as collateral.
There are exceptions
It’s worth pointing out that the purchase of condos, co-ops and other common-interest living units allow a mandated “review period” of varying lengths in some cities and states. For example, in Florida, the period in which buyers can cancel such purchases and still receive full refund of deposit is 15 days, while in Connecticut, it’s 5. There are also state-mandated cooling-off periods for time-share purchases, and these vary from 3 to 10 days.
You can hope for a problem
Not so for purchases of single-family housing. However, you can back out legitimately if the house fails inspection (an issue or adverse condition is identified that you can use as an excuse to terminate the contract), or you can’t acquire financing or if there’s a disparity between the appraisal and asking price, all respective to the requirements of the contract you signed. Another “out” can come if the selling party has misrepresented the property in some form, which can be another judgment call.
You can ask out
Of course, there’s nothing stopping you from directly informing the other party that you want out and explaining why. Sellers will often relent these days when there’s a good chance other buyers have expressed interest or perhaps the sellers even have a backup buyer in the wings who is willing to pay even more.
But realize the contract you signed is a binding legal document, and if you have no valid reason for backing out and the frustrated sellers decide to hold you to the contract, you may lose your earnest money. Have a talk with your agent about your reasons for wanting to pull out and your most practical options forthwith. Chances are your lender will suggest you speak with your attorney if your contract doesn’t include a contingency that serves as a potential escape clause.
If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!
The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in; Bexley 43209 Columbus 43201 43206 43214 43215 Delaware 43015 Dublin 43016 43017 Gahanna 43219 43230 Grandview Heights 43212 Hilliard 43026 Lewis Center 43035 Marysville 43040 43041 New Albany 43054 Pickerington 43147 Powell 43065 Upper Arlington 43220 43221 Westerville 43081 43082 Worthington 43235
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