penalties for backing out of offer to purchase

Asked by Kristi, Cedar Falls, IA Tue Aug 19, 2008

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Thu Aug 21, 2008
Hey Kristi!

I'm going to agree with Steve on this one. Your earnest money is a definite loss. Other costs could come up.

Depending on your reasons for 'backing out' you may have a valid reason to get out of the contract. I'm not sure if something came up with the inspection.. something else?

Without knowing more about the specific circumstances, it's a tough call.

If you need legal counsel, I can connect you with someone.

Let me know if there's anything I can do to help!

Thanks again,

Tyler Osby
Certified Mortgage Planner
Four Legacies Mortgage
515-991-7102 - Office
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Steven Burre…, Agent, Cedar Falls, IA
Tue Aug 19, 2008
Wow, that can run the gamut....minimum could be losing your earnest money but if there are other losses incurred by the seller you could be looking at other damages depending on the circumstances... I'd like to be more specific but without details and not wanting to give counsel on a transaction I'm not representing
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