Dear Monty: We signed a contract to purchase a home last week. We had been looking for over six months. We were tired of looking and decided to buy one that lacked several features we wanted. When we met with our agent, we asked her before we signed if there were any new homes on the market we should investigate before going ahead. The answer was that no new listings that fit our requirements have come on the market. We just found out from a friend that a home that fits us to a tee is on the market and was on the market for several days before we signed. We feel betrayed and upset and want to get out of this contract. How can we proceed to do so?

Monty's Answer: It is not uncommon for a buyer to change their mind after committing to a purchase. There are different reasons the desire arises to void a contract. Here is one path to follow that may lead to a successful exit from the agreement:

No. 1: Every day makes a difference, so verify your friend's tip is accurate without delay (the seller may be spending money based on your contract). Suppose it is inaccurate and you still want to escape from the agreement. Email the documents to your attorney for a legal opinion on voiding the contract. There will likely be financial implications. You need good legal guidance to advise you. If you do not have an attorney, here is a Dear Monty link about finding a qualified real estate attorney.

No. 2: You are going to the attorney strictly for their opinion, period. It should not take more than an hour to review the documents and render their opinion. An hour of their time can cost between $80.00 and $500.00, so determine what they will charge for their opinion. Remember that your attorney never knows your case as well as you do. Once you have their thoughts, there are multiple tactics to consider.

No. 3: One of those options may be to go to the seller and ask them if they will agree to negotiate a cancellation agreement and release you from the contract. The real estate agents must agree to waive their right to their commission if the seller agrees. The seller's circumstances may be such that they will fight to keep the contract in force, so be prepared for a "no" answer. On the other hand, there are reasons the seller might agree.

WHAT WILL YOU PAY TO GET OUT?

The attorney will recommend strategies after reviewing the contract and the contingencies. They may suggest that they can easily void the contract. The attorney will also have an opinion about breaking the news to the seller if you decide you do not want to honor the agreement.

THINK OUTSIDE THE BOX

Depending on the state of the local market, you may first want to obtain an accepted offer on your dream home, subject to a release from your current contract. If the seller of your dream home doesn't want to wait, and you have the financial ability to own two homes at once, weigh the cost comparison of doing so and flipping or renting the first one.

Richard Montgomery is the author of "House Money: An Insider's Secrets to Saving Thousands When You Buy or Sell a Home." He advocates industry reform and offers readers unbiased real estate advice. Follow him on Twitter at @dearmonty, or at DearMonty.com

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