New Orleans Real Estate FAQ: How Can We Cancel Our Contract to Buy a Home?

Questions about real estate? Just ask us!

Sometimes, stuff happens….things change that might not make buying a home you’ve written an offer on in your best interests.

How can you cancel your contract to buy a home?

Remember, you signed a legally binding contract, so we need to review the purchase agreement for the reasons you can cancel the contract.

Download the Louisiana Purchase Agreement

Inspections

During your inspection period, you can cancel the contract for any reason, not just for property condition. This period is also your opportunity to find out if there are any issues with the house that would make you change your mind about buying.

Appraisal

If the appraisal comes in below the purchase price and the seller won’t agree to lower the price? You can cancel the contract.

Loan approval

If, despite your best efforts, you cannot get approval for a mortgage, you can cancel the contract.

In all of these events, you also have a right to the return of your deposit.

What the contract doesn’t cover

If you are past your inspection period, the house has appraised, your loan is approved and you just flat out change your mind? You could be liable for broker fees and  seller damages in addition to losing your deposit. Before you write an offer, be very sure that you are prepared to follow through with your purchase!

 

LA purchase agreement

 

 

Looking for the right place on the West Bank to call home? We’ve got them all, right here. Thousands of homes for sale, experienced agents and someone waiting to help you today. Call us at 504-327-5303.

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