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.
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
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.
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
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.