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Can I back out of a home purchase after making an offer?

By Bob Millaway, South Jersey Community Expert & REALTOR®

Yes, but only during specific contingency periods outlined in your contract. Common contingencies include the home inspection, appraisal, and financing contingencies. If an issue arises during these periods, you can typically walk away and recover your earnest money. Outside of contingency periods, backing out may mean losing your earnest money deposit.

Why It Matters

Understanding contingency deadlines is critical. Missing a contingency window can leave you legally bound to a purchase or cost you your deposit.

Related Questions

What should I look for during an open house? How much should I save for a down payment? What are closing costs and how much are they? What loan options are available for first-time buyers? What questions should I ask my real estate agent when buying?

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