Can I get in trouble for cancelling our earnest money check on a bunk contract?
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I put in a contract offer on a house and in it we said that buying the house was contingent on getting a 6 percent home loan we wanted to put in the contract that we wanted to make it contingent on us getting a usda loan. Over all if we go with a bank loan we would pay 130,000 dollars more in interest. We have said since the very beginning that we would only settle for this particular loan. when we filled out the contract our realtor told us we could not put that specific about the loan in there. Later on she told us we could. We are now being told they may keep some of our check (500 dollars) because we did not try to obtain another loan and do not have proof that we cannot meet that requirement. Our pre-approval for the usda wont be here before the deadline. But if we get the bank loan pre approval what is to stop the owners from signing the contract and holding us to that loan? Can I cancel the check and say screw it? I already told her we won't get that pre approval.
Can I get in trouble for cancelling our earnest money check on a bunk contract?You should check with a local real estate attorney, but if the accepted contract did not contain a clause specifying the exact type of loan, you may be considered in breach of contract if you cancel. Has the offer been accepted? If not, you should be able to withdraw the offer.
You can put any (legal) contingency in an offer. It may just make it less likely to be accepted.
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