Lohi

I'm a:	Home Buyer
Location:	Georgia

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i want to walk away from my contract 2 wks before closing. what do i stand to lose apart from my ernest money?

Asked Tue Oct 23 2007, 02:48 by Lohi - 30004 - Home Buying - 17 answers
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i want to walk away from my contract 2 wks before closing. what do i stand to lose apart from my ernest money?

Asked Tue Oct 23 2007, 02:48 by Lohi - 30004 - Home Buying - 17 answers

Lohi answered:

Thank you all for the help. I have consulted my attorney. We are trying to work this out with the seller to ensure we meet their needs as well as mine. Thanks, again ! - Tue Oct 23 2007, 09:05

In addition, the contract technically lapsed 5 days after the offer since the contingency was that i secure a loan APPROVAL within 5 days of the offer. This contingency was not met during that time frame as i was not approved for the loan until about 3 weeks later. Does this make any difference? - Tue Oct 23 2007, 06:28

Yes, we did have an inspection but no mention was made on the creek. I have also talked to my realtor and she says she doesn't know what to do and recommends me seeing my attorney. Yes, i have a loan approval. Property on the market for about 1 month prior to my offer. Seller is a FSBO. Thanks for all the advise. - Tue Oct 23 2007, 06:22

The ernest money is large enough to cover 1 month's mortgage $3000.- which is about how long we have been in the offer/contract process. I am not sure if the seller has bought their next home yet but i know they are still in the current property we offered for. We only saw the property once and made an offer for it- our mistake. The sellers then travelled and just came back so we took our kids to see the property and they dont like it due to the small backyard, rooms etc . We agree with them now that we have had another opportunity to look through the property. Most importantly, we also we just found out on this second visit to the property that there is a creek behind the house - we have little kids and feel strongly against that . With all of these negatives plus we are not getting any real gains based on current value of home , makes us want to walk out. - Tue Oct 23 2007, 03:58

yes, thanks, they were minor. i just dont think it is a good deal so, what are the consequences of walking away? - Tue Oct 23 2007, 03:10

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