Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Can we get out of our contract to buy a house? We just heard that my husband will probably be losing his job. We won't know for sure until after the scheduled closing date. We are scared to buy the house and then find out he is getting layed off. So we would like out of the contract. Is that enough of a reason to back out? If not there were a few problems (leaking roof, air conditioner problems) that came up during the home inspection. We have a contingency that states "on a satisfactory home inspection" but we also have a contingency that states that the seller will pay for repairs up to a certain amount. The repairs may or may not cost more than they agreed to. Could we use the home inspection problems as an "out"? We are not worried about the earnest money but we are concerned about getting sued for breach of contract. Not sure if this is relavent but this is a forclosure and in Mississippi.
Contract laws and real estate laws differ from state to state. A national discussion forum is probably not the best place to seek advice. I would recommend asking your buyer's agent if you have one. If not, consult a local real estate attorney.
Ask your agent. Read your contract. There is probably a loan contingency, not sure whether that has been released. Then underwriter may not approve the loan if there is a risk of your husband losing his job. In CA, the standard contracts have a provision that the maximum you can lose is your earnest money deposit or 3% of the purchase price, whichever is lower.
Another option might be to have your agent request a delay in the loan contingency and close date that gets you where you are certain about the job status. If it's not too long, and you are lucky, the bank might agree. Each one is different and each situation is different so there is no way to predict if they will say yes.
ask your agent. However most contracts are based on you getting approved for a loan. If you advised your mortgage loan officer that your husband's likelihood of continued employment is very uncertain you will get your loan declined and can get out of the contract. I am not an attorney so of course discuss this with your broker but I have been both buyer and seller of multiple transactions for 30 years so I'm pretty sure you will get the desired result more honestly this way......
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
