Home Buying in Rochester>Question Details

Bucs#1, Home Buyer in Rochester, MN

how do I get out of a purchase agreement using the financial clause?

Asked by Bucs#1, Rochester, MN Wed Sep 21, 2011

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You would need to read the language in the finance addendum. Depending on how it's been filled out, you either have up to five days prior to closing or by a set date prior to closing to obtain financing. The finance addendum is a protection for the buyer should they lose their job, should the home not appraise for contract price or should the buyer not qualify for the loan due to market or personal conditions.

The finance addendum typically is not used as a 'get out of jail free' card (unlike the inspection contingency where the buyer has greater latitude in exiting the deal while still retaining earnest money).

Talk to your agent as to the reasons why you no longer want to buy this house and what are the consequences should you decide you want to exit your contract if you can't do it using the finance addendum.
0 votes Thank Flag Link Wed Sep 21, 2011
You should contact your agent and your lender to discuss your options.
0 votes Thank Flag Link Wed Sep 21, 2011
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