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Ely
Ely, Counselor at Law
Category: Real Estate Law
Satisfied Customers: 102356
Experience:  Qualified attorney in private practice including business, family, criminal, and real estate issues.
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I have made a cash offer to purchase a single family home in

Customer Question

I have made a cash offer to purchase a single family home in California and it has been accepted. I have been pre-qualified for the amount I need to purchase the home. I would rather go through normal financing with the bank that pre-qualified me than to use cash. Can I ask the seller if they will consider this change? What are my rights as to canceling the contract? Is there a 24 hour grace period on this contract as there is when purchasing a car?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Ely replied 1 year ago.

Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

Can I ask the seller if they will consider this change?

You can ask. However, they do not have to agree.

What are my rights as to canceling the contract? Is there a 24 hour grace period on this contract as there is when purchasing a car?

No, I am afraid not. Massachusetts has no such exception to contracts for real estate (see HERE). So this is governed by the contract and if the contract allows you to cancel, you can. However, if it does not, then the buyer can keep the earnest money, sue for specific performance, or both.

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