Help! In deep getting out of contract - Posted by Robert

Posted by William Bronchick on September 25, 2001 at 18:51:36:

Without reading the contract, I cannot say too much, but generally:

If the contract has a liquidated damages provision, the most you can lose is your earnest money. If the contract calls for specific performance upon your default, then the seller could force you to close or sue you for damages. If there is a financing contingency, you could fine a way to make your lender reject your loan application; it isn’t hard to do!

Help! In deep getting out of contract - Posted by Robert

Posted by Robert on September 25, 2001 at 12:09:13:

I’m to close this Thursday on a house. I’ve been commuting for work out-of-state the last seven months, found this great house which is a foreclosure, and put an accepted offer on it. Everything was great until last week when I received a job offer to stay in my home area - thus no need to relocate. I ( my family, mostly ) would much rather stay than relocate but now I’m under tremendous pressure to close this house by the selling bank and broker. They indicate that me accepting another job is not sufficient for breaking the agreement. Is this correct? I’ll even be taking a pay cut to stay. My contract specifically states what will happen if I ‘wrongfully’ refuse to purchae. What is wrongfully? I checked for a financial contingency which there is one - I initialed the clause, the seller did not which I was never made aware of. This seemingly revokes this clause. Can I still show I no longer qualify for the loan, not close, and not get fined?