Help With Contract
Hello,
Just put a contract on a house, but cannot get financing. After talking to a few banks on the phone, I realized I don't have enough money for the down payment and closing costs. RE agent is pushing me to finance closing costs, but I don't want to do that. Contract is contingent upon financing at prevailing terms. Do I have to take any old financing that is available? Bottom line is I want out. I am not worried about losing the earnest money, I am worried about getting sued! HELP!
Knowing that almost never is a defaulting buyer forced to buy, or levied damages when he fails to buy, I'd simply notify seller you couldn't get financing and bag it.
Seller may yell & threaten, but as practical matter, odds are you'll never hear any more about it.