Home Buying in 07675>Question Details

Foxdii, Home Buyer in 07675

Can I get my earnest money back on a home offer I made?

Asked by Foxdii, 07675 Wed Aug 1, 2012

I made an offer on a home that my wife and I really enjoined. The listing information said it did not require flood insurance and that financing options were conventional, FHA, va, and cash. We are financing FHA. After accepting an offer not only did I find out it required flood insurance but that it was a zone a flood insurance...1696 a year, 141 a month. This is too much and I want to back out.

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Based on the information you stated, you can get your earnest money back once the contract is voided. The listing stated that it was not if the FEMA Flood and through the closing process it turned out to be in the Flood Area.

Good luck with your home search
0 votes Thank Flag Link Wed Aug 1, 2012
Foxdii,


This is really a legal question and will be best answered by your real estate attorney.
0 votes Thank Flag Link Wed Aug 1, 2012
Yes, you should be able to cancel the contract based on that incorrect information. Your agent should be able to help you with this and get it canceled and the earnest money back. I hope it is a listed home and not a FSBO in which case it could be more difficult and require a lawyer.
0 votes Thank Flag Link Wed Aug 1, 2012
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