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Can we still back out from the contract???

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Anonymous
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Can we still back out from the contract???

On cour contect we should close on or before 06/30 to be able to get the t$8k tax credit ... I send everything they needed antd then I had a call from my broker that most likey we can't close tomorrow because there are still papers that they needed from the condo association, from the appriser because he missed to send the pictures they needed for the repair done and so on... Though he said we are approved for the loan. Honestly, i know some will say somthing negative about this. we did apply for a mortgage to take the tax credi, t of course we wanted to move from our apartment to the condo that we wanted to purchase. But in doing the process I already exhausted my savings, what was left for me is the money to close and getting the tax credit will be a big help to start a new.. but I don't think we can get this. My question is can we still back out from the contract  since I have not gotten the commitment letter yet  also some of the condition needed is supposed to be coming from the condo association which they did not provided yet like the Termite certificate,  But can we still back out since we did not get the commitment letter yet and can we still get the $2k deposit . Your inpur is greatly appreciated. I am really sad and wanted to cry as I am writing this.Smiley Sad

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ShanetheMortgageMan
Super Contributor

Re: Can we still back out from the contract???

Sorry to hear about things, this is one reason why I thought the tax credit was a bad idea... people would be trying to buy a home just to get the tax credit, and not buying the home because the time is right for them to buy a home.  I could go further into it but it'd turn into a political discussion which this isn't the time nor place.  

 

You'd have to review your contract with your real estate agent.  Contracts are legal documents and backing out of one may have repercussions including losing your earnest money deposit, and here in California the seller can even sue you if they are unable to sell the home for the price they agreed to sell it to you for.  If you have a financing contingency in your contract, and you didn't remove the contingency, then it sounds like you may still be able to back out... plus if the seller was required to provide you a termite certificate and it hasn't been provided, that could be another valid reason you could back out.  Still, you absolutely, without a doubt, need to talk to your real estate agent.  I hope it works out for you though.

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