Jeremy Jenks: Jeremy Jenks, Vice President of Sales here with the Trembley Group, and it’s time for more Surprise! Expert Commentary.
So, each week my team loves preparing a list of questions that I pick from and I answer this just like we’re sitting at your dining room table. This week on Expert Commentary, let’s see what’s up. Can I back out if I change my mind?
Oh, boy. This is a little bit of a tough one. Yes, no, maybe? Honestly, what you’ve got to realize is that when consideration has changed hands, so that’s your earnest money, and a contractual document has been initialed and signed by both parties, then a seller is legally obligated to sell. A buyer is legally obligated to buy. Do not enter into a situation like that if there is a chance that you might change your mind. You need to realize that this is something very serious that you’re entering into, and people do end up in court, and end up in sticky situations.
I guess my CYA, I should say, talk to your trusted advisor, your real estate professional with the Trembley Group, or whoever else you’re using. Or, talk to your attorney if this situation is presenting itself, okay? Now, in reality, I have been able to get some people out of contracts, depending on the situation. The two biggies: if financing falls through, that may be fault to the buyer, or no fault to the buyer, but if financing falls through at no fault to the buyer, or an inspection item, like there is a major structural issue, HVAC issue, something of that nature, you can walk away in the state of South Carolina, and the buyer can get their earnest money back.
I’ve also seen with builders, typically with a builder, somebody changes their mind and they really, really … or something in their life changes, the builder a lot of times will let them out of the agreement because they don’t want to force someone to buy and go through the lawsuit and all that kind of stuff. There are some situations, though, where I do see people end up in court, or they end up in a fight over the earnest money. Again, be careful. Make sure you realize that you’re buying real estate. It’s a pretty serious contract that you’re entering into, and get some advice from your trusted professionals.
Need help? Call The Trembley Group at 843.945.1880 ext. 1 and we’ll help you look for the perfect listing or buyers agent!
At The Trembley Group, we pride ourselves on being the experts at more than just selling real estate. We are local residents, some of us have been here for a lifetime. The rest of us will be here until the end of time. We love living, working, and playing in the diverse backyard of Coastal Carolina, and look forward to helping you live and love your dreams soon too. Please reach out to us by phone or email for personalized service and one-on-one advice.