Am I obligated to close on a home if I submitted an offer but the mortgage loan fell through?

Asked by Mmmmm, 68123 Wed Dec 21, 2011

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7
Gina Grimsley…, Agent, Sioux City, IA
Mon Mar 4, 2013
Depends on your Purchase Agreement. Did you use a Realtor or Attorney? Was the Purchase Agreement approved by your state and its laws? Most PA say that the sale if contingent upon financing...also appraisal and inspections among other specific needs.
0 votes
James Deskins, Agent, Worthington, OH
Wed Dec 21, 2011
How could you?...................
0 votes
Marie Souza…, Agent, Centerville, MA
Wed Dec 21, 2011
If financing was a contingency & you didn't get the loan, by the date you & the seller agreed to, then you are not obligated, as you did not meet that condition. Take a look @ your paperwork & make sure you are covered.
The Marie Souza Team - Top Selling on Cape Cod
Cape Cod Real Estate Services
Phone: 508-790-2000
info@mariesouzateam.com
http://www.MarieSouzaTeam.com
0 votes
Elliott R. O…, Agent, McLean, VA
Wed Dec 21, 2011
What happened to your financing?
0 votes
Christopher…, Agent, Tarrytown, NY
Wed Dec 21, 2011
Hi, if you can't get financing and don't have the cash to buy the home then you definitely own't have to purchase..your seller may however, be able to keep you down payment if there is no mortgage contingency in your contract. You'll have to read it and speak with your attorney if using one.

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
914.406.9023
0 votes
Phil Rotondo, Agent, Melbourne, FL
Wed Dec 21, 2011
I believe it would be pretty difficult for you to close if you don't have the funds to do so.
You may want to consult with an attorney to ease your mind about any contractual obligations.
Web Reference:  http://www.321property.com
0 votes
Shanna Rogers, Agent, Murrieta, CA
Wed Dec 21, 2011
Hi Mmmmm,

You need to read the purchase contract you signed. If there is a loan contingency in the contract and you are still within the contingency period, you should be able to cancel contract. Hopefully you have a Realtor representing you - they can assist you with this.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
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