Hi so I am under contract on a house and I want out. I found something we like more and is a better fit for us. Plus i hate our realtor and the bank.
The 15th is supposed to be our closing date but the house hasn't even been appraised yet because none of these people seem able to do their job. If this date goes by, can I use this to back out? Will I get the earnest money back? What is the etiquette to the realtor and the bank here? I hate to do this because I was really serious but I cant buy a house just because I feel bad 
I have found another bank, realtor, and home but I'm doing anything official until I work this out.
@samy2576 wrote:Hi so I am under contract on a house and I want out. I found something we like more and is a better fit for us. Plus i hate our realtor and the bank.
The 15th is supposed to be our closing date but the house hasn't even been appraised yet because none of these people seem able to do their job. If this date goes by, can I use this to back out? Will I get the earnest money back? What is the etiquette to the realtor and the bank here? I hate to do this because I was really serious but I cant buy a house just because I feel bad
I have found another bank, realtor, and home but I'm doing anything official until I work this out.
I understand your predicament. Did you have a home inspection? How long have you been under contract? I don't think you should buy a house because you feel bad but at the same time time you do have a legal and contractual obligation unless you are still within the window of turning back or if your financing falls through. My advice would be to lay low and don't remind your lender of anything he is supposed to be doing. If he doesn't get you financed in time to close; that's not your fault. At the same time do not deliberately drag your feet.... that would be wrong. I wish I had a better answer. If/ when it becomes time to end your contract with the realtor; do it via certified mail and through email.
FICO 9: 
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
+1
Backing out of the signed contract, you will forfeit your earnest money, unless the other party broke the terms.
