I am due to close on a house in two weeks, but I have serious buyers remorse.?

If, as in your statement, you are scheduled to close in two weeks, you have been approved for a mortgage loan, you have paid for an appraisal, inspection, provided the down payment and earnest money. Youmight have paid your closing points and fees for your mortgage loan mortgage loan.

If you decide to back out now this is all gone. You are at a great financial lost.

If that was the only financial crises you would have, you might be able to live with this financial loss.

You also stand to be sued by the seller for non performance as the house for sale in no longer on the market and might have sold had you not decided to buy the property and signed a sales contract.

You might also be sued by your real estate agent as well as the seller (Listing agent) These two agencies have performed their functions and presented you with a house where there currently exist a willing seller.

If the house was listed and sold for $200,000 and the agreed upon commission was the normal 6%, this would cost you $12,000 plus you would be required to pay for each of the real estate agents attorney fees. Attorneys are not cheap.

I figured for you deciding to not purchase this house that I use an example of $200,000 you could eventually be out of approximately $60,000 and you would not have an interest in the house at all. You would be out of that amount of money.

I did not include the cost of hiring an attorney to defend yourself.

These figures are not to scare you, but to prevent individuals from signing sales contracts and not living up to them.

Most buyers go through the same experience as you. This is not new in the real estate business world. The process of buying a house is foreign to you. The idea of signing a contract to pay the monthly mortgage

payment for 30 years scare the bejesus out of most people.

Going through this process is difficult. Keep in mind that many have gone through the same procedure and are well and happy.many had the same remorse as you, however, they plowed ahead and are glad they did.

Speak to your elder family members about your feelings and thoughts. You might also speak with your real

estate agent about your feelings.

I hope this has been of some benefit to you, good luck.

"FIGHT ON"

If you are two weeks away from closing, the best you can hope for is that your financing falls through at the last minute AND that you have a concession in your contract that the sale is contingent on you being able to be financed.

If you don't close, the seller will keep your earnest money and possibly sue you to force you to close. Also, you will lose any money that you have spent on inspections and appraisals.

You have entered into a legal binding contract. The sellers have already purchased a new property,

deposited money, arranged a mortgage, hired an inspector, done a survey and engaged the services

of a lawyer. They have hired a moving company and given a deposit to hold their moving date.

If you do not close as agreed on time, they will sue you. They will win and you will pay all their expenses

as well as the deposits they have made to their seller.

It will cost you less money to close and then immediately put the house on the market and take the loss in closing costs you paid in buying plus your commissions and expenses of selling, than if you default on the deal. You will forfeit any earnest money deposit you paid, any costs associated with getting the mortgage, any home inspection, the lender's attorney fee, your attorney fee...you pay for all of that. The seller can sue you for any damages they incur. They will probably relist the house, and the commission they pay to their broker will still eventually be paid, but the agent and broker who brought you to the deal won't be paid and can sue you because you are the direct cause of it. If the seller has bought another property and cannot because your default caused that deal to fall apart, they can sue you for damages incurred for that. If their house sells for less the next time out, they can sue you for that loss. It adds up quickly. Collecting it from you may be hard, you may even have to file for bankruptcy to make it go away. But forget about buying another house for the next ten years. As I said, if you really don't want the house, sell it as soon as you own it, take the much smaller financial hit, and learn from it.

You sign the contract already and it will be close within 2 weeks, you can't get out of that deal, pretty sure that the buyer will sue you. Let your realtor know and get some advice.

Already, and you haven't even moved in? Check with your realtor and see if there is any way to back out. If there is, you'll likely pay a penalty such as forfeiting your earnest money (which was likely several thousand dollars). Otherwise, you are locked in. It sucks, but contracts exist for a reason.

If you have been in escrow for the 20 days of due diligence you can get out of the contract if you find things are wrong with the home, bad mortgage,anything you can think of. If it is past the 20 days. Congrats on your new home. Or you can just lose the deposit.

It may be too late to back out without paying a steep penalty. In California you have 19 days in which to do your due diligence and can get out of the obligation within that time frame.

It may be too late to back out without paying a steep penalty. In California you have 19 days in which to do your due diligence and can get out of the obligation within that time frame. i hope you understand.

yes even on the closing date you can withdraw your offer...but they won't be happy and they will be there in person, best to call to withdraw your offer and send a email since it should be done in writing...if they try to lock you in as Agents often try to do which legal they are not supposed to but its their paycheck IF IT CLOSES if you walk away now you owe them nothing not a dime so don' let them con you either

Neither the bank or seller or agent can hold you or feel bad it happens daily for the agent and bank so IN WRITING SEND A SNAIL MAIL IF YOU MUST