So you worked hard to win a bid and get into escrow…but now you want to cancel. Not to worry! This is more common than you might think. Here are a few tips to help you understand the process of cancelling an escrow. The most important thing to remember is that you can get out of escrow for almost any reason – as long as you cancel before your contingency period is over. As long as you cancel before the period is up, you can walk away without fear of losing your earnest money deposit.
The reason you cancel isn’t even all that important. During your inspection period you can literally cancel because you think the house smells bad, or because the neighbors play their music too loudly. If there is any reason whatever that you feel the house isn’t a match for you, then you can walk away.
No one wants to go through the work of viewing a house, writing an offer, winning a bid, getting into escrow, and doing inspections only to have to cancel. However, should it come to that, know that you can back out with confidence.
Did I miss anything? Message me if you have any more questions.