What Are My Liabilities
I am hoping someone can give me some information here. I had written an offer to purchase a property with no contingencies. The down payment I was planning to use of 17K was coming from the sale of my house which has been postponed because they buyer has a couple of glitches but they have not been turned down so I cannot get out of selling my house to them. My question is this. If I signed an offer to purchase with no contingencies and I cannot purchase the property because of the problems above what can I be liable for.
For one, you will lose your ernest $. Can you afford and qualify to own both places? Perhaps you can find financing with a smaller down.
Hi Thanks for your response... I am not worried about losing the ernest money. I am just worried that their might be more legal ramifications. Yes are qualified for the financing right now I just need to come up with the down for it... but were were to close by monday so I dont know that redoing financing is possible at this point.
First thing you should do (if you have not) is make sure they are aware of you situation and that you will not be able to close...the sooner they know, the less time you are tying up their property.
I don't believe you are out anything more than the ernest money. That is, I don't believe they can sue for damages, if that is what you are asking. Any others have insight as to what is at stake here?