Posted on: 07th Feb, 2009 05:39 am
I am set to close on the purchase of new home, but I recent found out my company is contemplating restrucuring. All employees were told that no decisions have been made on the future of our jobs, but all indications are that our jobs will be moved to another city (and fewer of them will be available). This information gives me enough to have cold feet and not want to commit to a new house/mortgage until I have certaintly of employment.
Your hesitation is valid. The last thing you want to do is close on a home and then foreclose if you lose your job. Check with your attorney to find a way out of the contract.
Have you put any earnest money deposit towards escrow? If you did not yet, You can always back out. if you did, mostly you will loose that deposit.
Good lUCK.
Good lUCK.
Exactly what kingno said. Hopefully your earnest money wasn't too expensive!