Home Buying in Metairie>Question Details

Tina, Home Buyer in Metairie, LA

The purchase of home is conditioned upon approval of loan and the loan is not approved.can the seller blame the buyer and sui.?

Asked by Tina, Metairie, LA Sat Oct 12, 2013

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If the contract states that the act of sale of a property is contingent upon the buyers ability to get approved for a loan (which they usually do), and the buyer is not able to get approved, then the contract becomes legally void & unenforceable unless other terms are agreed upon by all parties involved. I would not advise legal action to be taken unless there is strong evidence of losses incurred by the seller due to the buyers lack of loan approval. Consult a lawyer to see if the seller has a case.
0 votes Thank Flag Link Tue Oct 15, 2013
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