I placed an offer on a home in Arkansas a few weeks ago and today was offered a job in another state. The home loan has not been processed or finalized. The only thing I have signed is an offer and it was accepted by the homeowner. Other than losing my earnest money, which I expect....how obligated am I to this contract.
2006-12-06 14:36:36 · 3 answers · asked by cabotguardgirl 2 in Politics & Government ➔ Law & Ethics
You'll probably just lose the earnest money, UNLESS there is a clause in there that says something about SPECIFIC PERFORMANCE.
You need to look at your contract and see if it's in there. Even if it is, the seller would have to go to the trouble of taking civil action against you, and it probably wouldn't happen.
Savvy buyers know to not use those contracts that realtors pull out without scrutinizing them, because they tend to favor the seller and his interests.
2006-12-06 14:40:03 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you went thru a realtor, he or she should be able to tell you. But your right you stand to loose your earnest money, however, sometimes people can have mercy on you and maybe give you a portion back, but they wouldn't have to.
In some states if you loose your job, or someone on the contract dies, they can get it back.
2006-12-06 22:42:05 · answer #2 · answered by Sunny louise 4 · 0⤊ 0⤋
Depends on the contract and the state you are buying in. Consult your Realtor and read the contract in its entirety.
2006-12-06 22:38:09 · answer #3 · answered by ValleyR 7 · 0⤊ 0⤋