Voided contract

Asked by Sarita Brewer-sashington, Washington, DC Wed Sep 26, 2012

What cost does the buyer incur if he pulls out of a hud contract?

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Peter Kedzior’s answer
Peter Kedzior, Agent, Elk Grove Village, IL
Thu Sep 27, 2012
If you are an owner-occupant (not an investor), HUD will give you 2 weeks for your due diligence including any inspections you'd like to have at the property. Also, if you use financing (instead of paying cash), you would be allowed to cancel the contract and receive your earnest money deposit back if you are denied the loan. In most of other cases, your earnest money deposit would be retained as liquidated damages.
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