Asked by elizabeth, Fredericksburg, VA • Wed Jan 7, 2009
Contract became void because we did not meet the financial contingencies. IE- our loan was declined because of insufficient funds; lack of collateral. Do we still need to sign a release from contract?
Our real estate agent was aware from the very beginning that we have limited funds, and we were seeking 100% financing. The lender we were working with found a loan that would be 100%; we were still required to show an amount equal to 1% of the loan in our checking account. We were not able to do this, and so our loan application was declined.
We hadn't heard from the real estate agent for over a month after our loan was declined; but he contacted us 2 days ago to have us sign the form. We don't mind signing a form stating a release of our claim on the property, but we also don't want to open ourselves up to either him or the sellers claiming we owe several different fees. We have already paid what we were responsible for; because of our finances we cannot do ANY more. Please advise
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