Backing out of a contract

What did your contract state regarding termination?? That would be how to terminate the deal.

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

It is contingent on an inspection and also separately on "obtaining financing", even though the seller knew it was a cash sale. It's a FSBO.

You should put in the contract that you have a 15 day inspection period and I put my offers subject to buyers inspection and approval during contingency period.
So if I can not find a buyer in that time then I will have to get out of the contract. You have to submit it in writing if your going to get out of the contract just to be safe.
I would not recommend ripping up the contracts.

I would try to get an extension on your days, and if it's a good deal, try to sell it to another buyer!!

Don't rely on only one buyer; you need to have several buyers on your list; you send your deal to all your buyers, and the first one to put up the EM, that's the one that gets the deal.

If you have to terminate your contract, keep a copy of it...

Wishing you success,

There is an old saying that goes, "when in doubt put it in writing" i hope this helps you. I would not rip any contract.
Joseph

If it is through my realtor, I let her know I want to withdraw the offer either by phone or email. She handles it. The only time she came back and said they wanted to know the exact reason (from the listing realtor), I just told her I did not approve of inspection. No questions asked. If it is from a FSBO, it would be wise to get it in writing. So far all my FSBOs have wanted to renew the contract with me so I have not had to do anything in writing.
Shirley

I had somebody back out of a contract and my Realtor had us sign a form called
"Release Agreement". That will keep everything legal and it is safer than hoping somebody will rip up their contract.

Yes, that is what I sign electronically.

That should be THE ONLY contingency. I barely ever even get to put offers in writing because I go thru all the contingencies VERBALLY.<--(is that a word? 'Cus it looks really weird when it's written.) A contract is supposed to be a "meeting of the minds". If you haven't had that, then why waste paper and toner? "Contingent on Inspection" is a great way to trap yourself into a contract. That means: If you look at it...you're buying it!?

What you want is a DEAD DATE, don't leave it open to "interpretation"

NULL and VOID Contingency: if (this) doesn't happen and Buyer doesn't approve of (that)...Contract becomes NULL and VOID and all earnest money shall be refunded to Buyer with no further action against any Party" or something. Then call 'em up the next day and renegotia-ahem-try again. "Buyers final walk-thru and approval" is pretty standard. That covers everything. Don't sign contracts you can't satisfy/back out of/assign aka.... Rip It Up!

I've been working on 2 for a month. Both are coming down to: Seller is emotionally attatched and Head In the Sand. Both are nice people. Both have houses for sale. I can wait. Nothing to back out of, nothing to rip. Just working/waiting for the time to Write It Up!