| Author | Post |
|---|
vic
Member
| Joined: | Sun Mar 26th, 2006 |
| Location: | |
| Posts: | 417 |
| Status: |
Offline
|
|
Posted: Sun May 6th, 2007 02:33 am |
|
Yes, you will just lose your earnest money - that is all. You will not be on the hook for any more than that and no bad credit as a result either.
Most likely, the builder will be very happy to renegotiate with you. He'd rather sell you a home for $20K less than get your $1K. Do you have a realtor involved? The lender can not do much. The worst case scenario for the lending perspective is that the house does not appraise at the sales price (although it could very well be - appraisals are fairly useless).
Vicky
|
buddmr_99
Member
| Joined: | Sat May 5th, 2007 |
| Location: | |
| Posts: | 1 |
| Status: |
Offline
|
|
Posted: Sun May 6th, 2007 12:31 am |
|
I am under contract for a new town home to be completed in August. The base price has gone down by $20,000 since I have signed my contract. I don't close until sometime in August. If I back out now, do I just lose my earnest money? Am I on the hook for more? Can I negotiate my current contract through the lending agent? I would think that the lender would not want to lend more money than the property is worth. If I am able to back out of the deal and lose my $1,000 earnest money...would I be able to buy at the same location at the new price or would I be considered a risk by the builder?
Can anyone help or offer any suggestions on this matter. I think that it is worth backing out of or negotiating for $20,000 dollars if it is possible.
Thanks
|
Current time is 12:04 pm | |
|
