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Dprinc0216 · Joined: 09 Dec 2008 Posts: 3 1.89 Dollars($)

I went to buy a home and when I originally got started I was told that my monthly pmt with everything would be 860ish. When closing paperwork was brought to me, it said pmt was going to be 1100ish. Not what I was told originally. They said they would fix it and came back with 930. I don't want to do it because of all the hoops they made me jump through. And the price is out of my range. Can I back out now and only lose the 500 I put for good faith?

parmoney · Joined: 05 Dec 2008 Posts: 37 11.32 Dollars($)

How far along in escrow are you?

Dprinc0216 · Joined: 09 Dec 2008 Posts: 3 1.89 Dollars($)

What do you mean?

parmoney · Joined: 05 Dec 2008 Posts: 37 11.32 Dollars($)

did you sign a purchase agreement and if so when?

Dprinc0216 · Joined: 09 Dec 2008 Posts: 3 1.89 Dollars($)

Don't think so. I signed some paperwork to get approved for the loan. And I paid 500 for what was called a good faith deposit.

parmoney · Joined: 05 Dec 2008 Posts: 37 11.32 Dollars($)

Yikes! Go get your money, if not let me know what state your in and I will get you some contact information to file complaints.

williamwfergusonjr · Joined: 11 Dec 2008 Posts: 7 4.50 Dollars($)

Hello:

If you back out, the seller could file a lawsuit against you for breach of contract, and, of course, you will lose the earnest money deposited with the seller, or agent. You need to get legal advice to protect yourself.

parmoney · Joined: 05 Dec 2008 Posts: 37 11.32 Dollars($)

There is no contract. Please read entire post before replying.

williamwfergusonjr · Joined: 11 Dec 2008 Posts: 7 4.50 Dollars($)

Parmoney: Unless it is just your nature, there is no need to be rude. If there is an earnest money deposit, there IS a contract, even if it isn't a written contract. The earnest money is an assurance to the seller that the buyer "earnestly" intends to purchase the property. If the buyer wrote the check, and the seller accepted it, there is a contract.

parmoney · Joined: 05 Dec 2008 Posts: 37 11.32 Dollars($)

Not trying to be rude but you still have not read the entire post. The monies put forth by the original poster was to the loan company as good faith fee.

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Can I back out from closing on a new home purchase anytime before closing?