Profile picture for jaundesai

What if I back out?

Contract with national builder for a new build.  Contract is contingent upon us selling our current home...To that end, we have put our house on the market.  Credit is a little "iffy" and it looks like their in house lender will not finance us.  I do have tentative approval from another lender.   My question is this...because of the financing issues, this looks like it may become a real hassle.  What are the chances that if we walk away we will get our $12,500 deposit back?
  • November 27 2013 - Laurel
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Answers (3)

Profile picture for Super Agent Marvel
Read the contract.  You probably have a financing contingency - if you can't get a loan then you can't buy the house therefore you should be able to get your deposit back.

Why are you using their in house lender anyway?  Because they offered you some kind of credit or special financing?  If you can't get the financing with them..... I'm sure you get my point.

Try another lender, quick.
  • November 28 2013
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What does your contract say relative to a financing contingency?  Also, what are your rights re: the deposit if your current home does not sell?

Hopefully, all your answers are spelled out in the contract. 
  • November 28 2013
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You really need to talk to the builder. If you don't like their answer, then you should consult with an attorney.

All the best,
  • November 27 2013
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