Can I cancel purchase offer?

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Can I cancel purchase offer?

I made an all-cash offer on condo in established, older development. The property is bank owned and priced about 1/2 market value. Realtor prepared offer – I gave full amount of $42K via a check to him. I want a Home warranty and inspect condo documents – with no other stipulations. Not given copy of the purchase agreement or written disclosures or Lead Paint guidebooks as unit was built in 1976. Standard TN realtor contract. How do I cancel or can I? I am bipolar – mental illness and am afraid I have made a terrible and potentially very expensive mistake.

Asked on October 2, 2011 under Real Estate Law, Tennessee

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

If you believe that you made a mistake in the all cash offer to purchase the condominium that you have written about, you need to fist speak with your real estate agent about rescinding the purchase (if there is a basis for it) or if you have an option not to close escrow due to not waiving all contingencies concerning the unit assuming there are contingencies.

If your real estate agent believes that you are locked in on the close of the unit, you need to consult with an experienced real estate attorney over your situation so that he or she can review all offers, counter offer and addendums concerning the pruchase of the parcel and give you an opinion as to whether you are locked in on a close date or not.

Good luck.


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