Houston Texas Foreclosure Real Estate Property
Reader’s Question:
I agreed to buy another foreclosure real state property here in Houston, TX about a week ago. And now, as awful as it sounds, I’ve changed my mind. How do I cancel?
Phil
Houston, TX
Hey there, Phil. Situations like these can be really sticky. The answer is usually not the one you’re expecting. To find the answer to your question, you would have to review your contract (the assumption is there is already a contract). We have to look at the legal side of things. The contract is the legal agreement with the seller. Most contracts have provisions that allow for the cancellation of the sale. Listed there would be the acceptable reasons for the cancellation. If your contract contains these details, then it’s well and good. However, if your reason for canceling the real estate sale is not one of the listed reasons in the contract, there may be consequences. You might need to think things over. Please keep in mind that while you were preparing to close the sale, the seller might have already made changes influenced by the “sale.” The real estate property in question might have been removed from the market already and the seller has decided to enter a contract with a real estate property seller to buy another house. Your cancellation might affect several processes (sales and purchases) that are dependent on the fulfillment of your obligation. Ultimately, you may have to consult an attorney there in Houston, TX, as this may have legal consequences.