What happens if you back out of a house deal?

If you back out of the deal and do so for a reason that was not explicitly included in the contract, you could be out your earnest money. HomeLight can connect you with a top-performing, trusted agent who has the experience to find you the right house at the right price.

Should you back out of a real estate deal?

A buyer can absolutely back out of a real estate contract. According to the REALTORS® Confidence Index, around 5% of real estate purchase contracts are canceled by the buyer for a variety of reasons. The easiest and most convenient way for a buyer to cancel a real estate contract is through contingencies, but other methods are still possible.

Can you back out of a home sale?

There are a few legal ways to back out of a deal. The first is if the sale was conditional and the conditions were not met. It could result from a significant issue in the home inspection, a low appraisal, or the inability of the buyer to sell their current home.