However, you may be able to slip out the backdoor, so to speak, legally and without cost due to contingencies. There are a bunch of standard contingencies regarding mortgages, inspections, appraisals, etc. but your attorney can also be creative and add others. These contingencies will be written into the contract and allow you to get out of the sale if certain conditions aren’t met or certain circumstances arise.In an earlier post about bidding, we talked about waiving contingencies as a way to make your bid more desirable to sellers.
Here’s an example of a contingency that allows you to walk away from a sale.
You’ve signed the contract and your lawyer has included a mortgage contingency. Maybe the appraisals came in low and you have not been able to secure financing even after doing your due diligence. You would be allowed to get out of the contract, walk away, and get your deposit money back (as detailed in the contingency language within the contract).