Can I back out of a purchase contract - Posted by peter

Real Estate Investing Real Estate Law
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Posted by River City on September 05, 2005 at 17:06:35:

Your contract should stiputlate the procedures for canceling the contract and its impact to you and the seller. Does the contract have a down payment and maximum interest rate? As long as you have in the contract that it is subject to loan approval, and if the rate you were offered exceeds the maximum rate in the contract, the mortgage company can issue you a letter indicating that they do not offer the terms stipulated in the contract and you should not be required to go through with the contract, as long as everything is being followed according to the contract.

Read you contract and proceed accordingly.

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Can I back out of a purchase contract - Posted by peter

Posted by peter on September 03, 2005 at 16:51:46:

I am due to close mid september from a home I put a down payment . I would like to withdraw from the contract. What problems could arrise from me withdrawing. I dont want to buy due to the interest rate they are giving me. I was planning to put 20 percent down but now only want to put 5 percent but the interest rate is too high.