Long story short (which I've posted about): SFH (3BR, 2BA, bought new 2024) payment has gone up a lot in two years. There's an escrow shortage, and the payment is about to go even higher. So I started home search for more affordable townhome instead. Was faced with fixer-upper townhomes, too-small townhomes, or new build at very top of budget. Decided new build was the best of bad choices because it's close to kid's school and is basically a smaller version of my current home, which is nice. The negotiation with the builder was very tense and unpleasant, not like when I bought my SFH. This time, the price kept creeping higher than I wanted to pay, and they made only small concessions. But I feel pressure to buy fast so I can get out and sell my SFH in spring market.
There was no excitement about this transaction. I felt fear and terror every step of the way. But my realtor was reassuring and I guess her hope rubbed off on me.
So on Saturday, I signed. And gave them $7500. I felt about three hours of relief that the search was over. And then the reality of moving hit me. And now…panic. I don't want to move. I really like my current home, I just don't like the payment. I have enough money to make it through one year, maybe more depending on financial situation next year…
My question is: my realtor noticed that despite my signing yesterday (Saturday), she had not received the executed purchase agreement yet. She asked builder agent about it, who said that management doesn't see them until Monday or later in the week.
So…can I still get out?
ETA: As suggested in the comments, I asked my realtor this question. She said she would have to talk to legal… and five minutes later, the purchase agreement suddenly appeared in my inbox, signed by management. Hmm…
Buyer's remorse…purchase agreement signed (by me) but not builder yet — can I get out?
byu/misfitmpls inRealEstate
Posted by misfitmpls
8 Comments
She has your EMD still or the builder? Why are you not asking your Realtor this? She has the contract and knows the answer. Get in touch immediately.
Yes…as long as you send, and they receive, your Withdrawal of your offer Before you/your agent receives the sellers executed contract.
If you want out, have your agent send over a written withdrawal to the builder ASAP. You can withdraw an offer any time before it is accepted.
I recently bought a new construction build from a large builder and their contracts are written to be pretty much air tight without any way to back out. That being said I have seen them cancel contracts and give EMD back without much fight at all. These builders don’t make their money keeping people’s earnest money. If you’re not going to close on the property they want you out of the contract more than you currently want out. The only exception here would be if you paid for upgrades to the house that they have already completed such as upgraded flooring or countertops or screened porch. Things like that they will keep your option money. If they haven’t started the build then you are usually fine.
You sound quite emotional about everything. You really need to think all this through and get good advice from a trusted friend.
Yes
Make sure you call your bank and cancel however you are paying your escrow before it gets tied up before it goes through if you are not going through with the contract. Escrow dispute could become a pain.
It sounds like your realtor was working against your interests or just very odd timing for it show up…
If you still want out, I would be looking into how the contract suddenly showed up and getting things in writing.