Cold Feet: How do I get out of this?

NOLA Real Estate

 

Oh, crap. You think you’re changing your mind about buying or selling your New Orleans home and you’re wondering  “How do I get out of this?”

For some, it’s easier than others.

 

For Buyers: 

If you’re still in your inspection period, you can get out for a myriad of reasons. Maybe you don’t like the monthly note, or your interest rate jumped, or you saw something in the house that scared you – it’s going to be ok. We can get you out of this contract and get your deposit back.

Once you get past the inspection period and you get cold feet, it’s not as easy. You will immediately forfeit your deposit. Not only do you lose that money, but you can be sued for 10% of the purchase price or for specific performance. What’s that mean? The sellers can sue you to try and force you to buy their house.

As your agent, we will discuss everything so you don’t get yourself in a pickle.

 

For Sellers: 

What?! You *now* decide you don’t want to sell this house and you’re under contract already?!

Welp. You don’t have a lot of options.

If you’re still in the inspection period, you can refuse to do any repairs or price drops that the buyer asks for. But, if they chose to move forward with buying the home, you then have to officially cancel the contract.

If you cancel, the buyers immediately get their deposit back – no matter what. However, the buyers can now sue YOU for 10% of the sales price or for specific performance. Meaning the buyer can try to force you to sell the house to them.

 

Work with a professional, full-time New Orleans real estate agent to guide you through this wild ride.

 

Ready to list or buy? Chat with us by putting your info below or texting! 

 

Contact Leslie

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