There are many ways that a real estate deal can fall apart, even after you make on offer. If you officially make an offer and sign a purchase contract, it is still possible to retract the offer, but you must handle it very carefully to avoid further problems. In any real estate deal, it is always best to work with a real estate attorney to ensure that your rights remain protected while keeping your options open if things go poorly in the process.
The important thing in any home buying withdrawal is to follow proper procedures and meet all the associated deadlines. If the seller has already agreed to the purchase agreement in writing, then an attorney can help you create a proper letter expressing your desire or need to withdraw from the agreement. You may need to withdraw because of some aspect of the home that came to light in the inspection, because you found a home that meets your needs more closely, or simply because the financing did not come through.
Whatever your reason for withdrawing, it is crucial that you do not wait too long to begin the withdrawal process. To avoid penalties or further problems in the home buying process, you must withdraw from the purchase agreement with a proper withdrawal letter that justifies your actions. If not handled correctly, you stand to lose your earnest money deposit.
It is always easier and safer to approach any real estate deal with the guidance of an experienced attorney. whatever your real estate needs may be. Wick & Trautwein understand how to keep your rights secure and protect your interests throughout the home buying process. Do not hesitate to reach out for proper legal counsel about any real estate contract needs.