Backing Out of a House Purchase - EP188 - Homeownership

<p>In this episode we discuss that simply walking away from a real estate deal would most likely mean the loss of your deposit monies. Most contracts to purchase include language that if a buyer defaults the monies go to the seller as the sole remedy for their lost time and damages. Before ever making a big move like this it is advisable to speak with an attorney first. This will ensure you understand all your options and the risks involved. Backing out from a home purchase may be painful and come with some negative feedback but sometimes it is the right choice. Based on an individual's life circumstances it may make more sense to suffer the loss of a deposit over a future foreclosure.</p>