If the house appraises for less than the purchase price, your lender may refuse to cover the full loan amount. This allows you to renegotiate the price or walk away.
Read every clause to identify which contingencies are still active and what the penalties are for a breach. backing out of buying a home
Are you currently in the , or have you already cleared all your hurdles and are approaching the closing date? If the house appraises for less than the
You will likely lose your deposit, which typically ranges from 1% to 10% of the home's sale price. backing out of buying a home
Check your contract for specific deadlines. Contingencies are time-sensitive; missing a window by even one day can make it harder to leave.