Is it ever okay to back out of a deal? Yes. Today, I’ll highlight three examples.
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Backing out of a home purchase can make you seem like a big jerk, but it doesn’t have to. There are three ways you can get out of a deal without coming off as rude:
1. If you’re unhappy with the physical inspection. No matter how excited you were to purchase a home in the beginning, an unsavory inspection report can be a sure way to burst that bubble. If a home just isn’t right for you, or has problems you just can’t look past, it’s often best to walk away.
2. If your purchase is contingent upon the sale of your current home. If your current home doesn’t go under contract within the designated time frame, you have no obligation to go through with the purchase. This contingency can act as your “Get Out of Jail Free” card, and save you from juggling two mortgages
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