2006-08-22 02:40:39 · 8 answers · asked by Anonymous in Home & Garden ➔ Other - Home & Garden
As Long as you havn't removed Contingencies and your contract specified a time limit for the buyer to obtain loan approval and that time limit has passed you can cancel the contract.
2006-08-22 05:17:21 · answer #1 · answered by riverdave 2 · 0⤊ 0⤋
This exactly happend to us as we were selling our townhouse. We accepted their offer and then they had trouble with their loan prossecing even thou they were aproved. It was a nightmare that took 3 months after accepting up to the signing and closing. we were already on a new house paying for the 2 mortages. If you have not signed anything yet, think again and consult your lawyer. Here in NY everything has to be done thru lawyers for home selling and buying.. We could not back up from them, because the treats with the realtors were already done. Good luck! and be carefull. This is money/life issues nobody is suppose to bid or play with on yours but yourself.Again best of lucks..
2006-08-22 02:54:58 · answer #2 · answered by Motta 2 · 0⤊ 0⤋
Your contract should have specified a number of days for the buyers to get financing approval and should spell out the consequences if they fail to meet those requirements. Usually you can give them written notice to remove those contingencies and if they are unable to remove the contingency of financing then you may give them notice to terminate the contract.
2006-08-22 02:50:15 · answer #3 · answered by SunFun 5 · 1⤊ 0⤋
No
If they don't meet the financial requirements then you do not have an obligation to accept their offer.
2006-08-22 03:19:04 · answer #4 · answered by scharfie528 4 · 0⤊ 0⤋
No put it back on the market. They are betting on you going ahead and accepting their terms.
2006-08-22 02:48:04 · answer #5 · answered by Anonymous · 0⤊ 0⤋
What are you accepting exactly? Are you financing this? If you are then NO! If a bank is financing them, who cares!
2006-08-22 02:51:30 · answer #6 · answered by KIMBO 4 · 0⤊ 0⤋
Why don't you ask the realtor, or the bank???
If they can't pay, then I would imagine you don't have to accept their offer...
2006-08-22 02:47:55 · answer #7 · answered by fairly smart 7 · 0⤊ 0⤋
I know nothing about real estate, but this seems like an obvious NO!
2006-08-22 02:47:01 · answer #8 · answered by GAB & R 2 · 0⤊ 0⤋