Buying a Home
Can I back out of a home purchase after making an offer?
By Steve Lockhart
The short answer
It depends on where you are in the process and what is in your contract. After an offer is accepted you do not automatically have a free pass to walk away, but standard Nevada purchase contracts include contingencies that protect you during specific periods, usually financing and inspection.
Full answer
It depends on where you are in the process and what is in your contract. After an offer is accepted you do not automatically have a free pass to walk away, but standard Nevada purchase contracts include contingencies that protect you during specific periods, usually financing and inspection. If those protections are in place and something real comes up, such as a condition you cannot live with, a failed inspection, an appraisal that comes in low, or financing you cannot secure, you can typically terminate within the allowed timeframe and recover your earnest money. Outside those contingencies, backing out can put your earnest money at risk and even expose you to further claims, so it is not something to decide alone. The takeaway is that contingencies matter enormously. I will make sure you understand each one and the deadlines attached to it so you never discover your protection only after it has expired.
Go a little deeper
Frequently asked
Questions buyers often follow up on
How long do I have to change my mind after an offer is accepted?
That depends on your contract. The standard Nevada purchase agreement sets specific windows, usually for financing, inspection, appraisal, and title review. During those protected periods you can typically exit with your earnest money if a real issue surfaces. I map every deadline the day the contract is signed, so you always know which window you are in.
What happens to my earnest money if the deal falls through?
If you terminate during a valid contingency, such as a failed inspection or financing you cannot secure, you generally get the deposit back. If you walk outside the protection or breach the contract, the seller may have a claim to it. Knowing which situation applies is exactly why I walk the contract terms out loud before you sign.
When does it make sense to walk away?
There are legitimate times: an inspection reveals a problem the seller will not address, an appraisal does not support the price, title problems will not clear, or the financing genuinely falls through. Terminating within your contingencies is sometimes the smartest decision on the table. My job is to make sure you understand your rights before that moment arrives.
The Lockhart Method
The Lockhart Method
Your Home | My Strategy | Proven Results
My strategy: know your contingencies and their exact dates before any signature. Almost every legit exit happens inside the protected window, and the calmest clients are the ones who can see the calendar.
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