Home buying advice help (agent, contract, closing, terminate)

[dctam]

So found a house we really wanted to buy. Everything going fine until the inspection. Found way to many things wrong and decided that we wanted to cancel the contract. However, seller has right to cure and is choosing to do so, so based on that we could not. We are still in the contingency period. So we are looking for other "loopholes" to get us out of the contract. We are also selling our house but we are not closing until after the close on the other house. There is a "buyers to close on house" contingency that has a date, which the date we will be closing is after. Also to close on new purchase before ours we were going to have to get a bridge loan. So if I choose not to bridge, we will not have enough money for the down payment, which means the bank will not loan us the money for mortgage. We have a letter from the bank stating this. Does this seem like it is "enough" to get out of contract?

[Silverfall]

You need to talk to a local attorney that has read your contract. Out here you can't choose not to bridge since you represented that you were going to do that.

[jackmichigan]

Originally Posted by dctam

So found a house we really wanted to buy. Everything going fine until the inspection. Found way to many things wrong and decided that we wanted to cancel the contract. However, seller has right to cure and is choosing to do so, so based on that we could not.

Who wrote up your offer? When you submit an offer, the terms of the contract should be clear to you...and you should make sure that there are sufficient contingencies which enable you to cancel for particular, valid reasons. Never submit an offer which you don't understand or which has terms that are not satisfactory to you.

If you re-read your contract and don't understand how you might be able to rescind the contract, contact a qualified real estate attorney for advice.

[dctam]

Seeing lawyer tomorrow. Just trying to get opinions on what people in the business think. wondering if based on financing contingency and buyer to close by this date contingencies is sufficient. Agent at this point not being helpful.

[onevthoki]

Is the home in an HOA community? And does your state cover a review period? That is how many buyers terminate in Virginia - all they have to say is they want out based on that (3 days from receipt).