Profile picture for tkfrericks99

I underestimated my monthly costs of owning a Homepath Renovation property. I am within the continge

I underestimated my monthly costs of owning a Homepath Renovation property in Cook County IL. I am under contract on the property. I am within the contingent period- Can I still cancel the contract without losing my earnest money? If so, does anyone have any advice as to how to do so?
  • August 15 2013 - Chicago
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Answers (3)

Profile picture for Matt Laricy
If your in the attorney review period, have your attorney draw up a letter of cancelation.
  • August 15 2013
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Profile picture for Andrew Malak
Talk to your attorney. Talk to your loan officer.
  • August 15 2013
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Your attorney can get you out at any time, really.  However, it is much easier if you are still within attorney approval time, usually 10 days in NY.

The matter of earnest money really depends on if cost have been incurred or not, at this point.  Has the appraisal been done?  If applicable,  has the water/septic system been tested?   If the bank ,and or the seller, has paid costs outside of closing they will likely recover those costs, should you terminate the contract, through the use of your earnest money deposit.
  • August 15 2013
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