I often get asked by buyers if they can terminate a real estate contract they’ve signed due to a change of heart or because they found a different house they like better. This depends if you are in certain time-frames in the contract. Be sure you check with your Realtor and Lender. In most contracts, there is a clause where if you are unhappy with something in the inspection report you as the buyer can get out of the contract and get your earnest money refunded to you. Typically the realtor will write a letter to the seller’s agent saying the buyer would like to get out of the contract due to inspection issues and ask for a refund of the earnest money. If you are out of the certain time frames it can be difficult to get your earnest money back.
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