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Can I back out of home contract??

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condobuyer Guest	Posted: Thu Sep 09, 2010 8:02 am    Post subject: Can I back out of home contract?? Like 0 Dislike 0 I signed papers to buy a condo in FL. It was a short sale and I had to show proof of cash to purchase. It has been 2 months since I signed the contract, but I have since lost my job and do not have all the money that I showed proof of. (Actually, the condo is $40,000 and I only showed proof of $35,000, because that is all I had). The contract states that $1,000 in earnest has been given, but I never gave a dime. That puzzles me. Anyway, I do not have the money, I only have $28,000 now. And without a job, I can't pay the HOA fees. Can I back out without being sued?? Can someone please answer my question. Thank you so much. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Thu Sep 09, 2010 11:19 am    Post subject: Like 0 Dislike 0 Hi condobuyer, welcome to mortgagefit Quote: Can I back out without being sued?? If you can convince the next party (an individual/institutional) that you are going through the tough situation and ask them for some extra time-frame, they may agree with it. But if you wish to back out anyway,then you need to at least discuss with them about their compensation for back out.If you initialize it as earliest you will be saving money on it.more delay>>> more money to be paid. Try to convince them to settle it down out of court only and make sure that you get it done everything very clear and written in documented form. feel free to ask any further question. DIPA
condobuyer Guest	Posted: Thu Sep 09, 2010 1:18 pm    Post subject: Like 0 Dislike 0 Thank you for the info dipaliqopale. I forgot to mention (not sure if it makes a difference) that the property hasn't closed yet.
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Thu Sep 09, 2010 11:35 pm    Post subject: Like 0 Dislike 0 Hi condobuyer, As you haven't closed the deal yet, you will be able to back out from it. You should contact the seller and let him or her know about your financial situation. I'm sure you won't face any issues in backing out of the deal. _________________ Procrastination is the enemy of your financial success

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