Bought house / escrow closed/ want out/ found better deal

I found a nice home, it met all my needs: size,location, good neighborhood, close to schools.
The day the escrow closed I found a house in the same neighborhood just as good for $10,000 cheaper.
Times are tough and I could really use that $10,000 savings. Why should I honor this deal ?

None of these figures really mean much, they'll bleed you dry no matter what the deal is.

Double down and rent out the first house for the cost of the monthly payment... Live in the second house and use the 10,000 saving from the original amount on a purchase of gold. offer free gold to anyone that buys the first house's deed.

Wait another 3 months and buy THREE houses for 10,000 less.
Buyers remorse is not new. Welcome to the game...

Originally posted by OLD HIPPY DUDE
I found a nice home, it met all my needs: size,location, good neighborhood, close to schools.
The day the escrow closed I found a house in the same neighborhood just as good for $10,000 cheaper.
Times are tough and I could really use that $10,000 savings. Why should I honor this deal ?

e to

You will have to honor your restate deal because escrow closed. You should had looked around a little deeper before buying..What is bad with your deal, your house will be worth up to $10,000 less when the cheaper house sells..

$10000 is nothing when your talking about property value...That amount could go both ways in just one month...If your concerned about $10000 may be its not time to be buying a house? Buying a house is the biggest thing you will ever do. Research more and save more so you have more options...Its too late now though...You back out you will lose your down payment...

Why can't I get out of this and keep my deposit?
It only seems fair, that I can save big money, by backing out.

What about the owners you purchased it from? Is it fair to them? When they have likely purchased another house based upon YOUR agreement to the terms?

And do you even understand what a "deposit" is? It's what you forfeit if you back out of the deal. You WILL lose that money regardless, unless there is a provision in your agreement to get it back.

So.. good luck with that.

reply to post by juniperberry


Who cares about the seller ?
Why can't the seller reduce the price $10,000 to settle this issue ?

Originally posted by OLD HIPPY DUDE
reply to post by juniperberry

 

Who cares about the seller ?
Why can't the seller reduce the price $10,000 to settle this issue ?

Because then the seller would be an idiot.
The deal closed, the deposit now belongs to the seller if you back out.
That's what the deposit is for.

If, for some reason the seller is desperate to sell, and doesn't think anyone else will buy the place if you back out, you might be able to talk them into reducing the price.

Why should I honor a contract that cost me more money ?
Times are tough for everybody.

Originally posted by OLD HIPPY DUDE
Why should I honor a contract that cost me more money ?
Times are tough for everybody.

You don't have to honor it.
If you put down a deposit, that's what the deposit is for - it's for the seller, in case you back out.
Just realize that the seller does NOT have to give you back your deposit, or any portion of it.
Maybe the seller would be just tickled pink to have the extra money.

I would check with your lawyer, I would think that you have one, since anyone doing any type of real estate purchase should definitely have a lawyer.