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03-16-2009, 07:38 PM #1
Fixer Upper
- Join Date
- Jan 2009
- Posts
- 60
Cancelling a Home Purchase at the Last Minute
After signing all the loan docs, is it still possible to back out of the purchase? I was told by the notary that there's no turning back after signing the loan DOCS even though the funding or final cashier's check of closing costs and down payment hasn't been paid. I've may have some financial problem which will probably jeopardize my financing. If I refuse to pay up, what could happen?
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03-16-2009, 10:19 PM #2
Condominium
- Join Date
- Jan 2008
- Location
- Orcutt, CA on the Central Coast
- Posts
- 116
The seller could sue you for non-performance. If you have a deposit you could lose that. There are a lot of maybes here. Best you talk to a RE attorney.
donrockTo get a wealth of real estate information visit my blog at Real Estate Blog. If you need information about foreclosures or short sales and how to make money with them pick up a free report at Foreclosure Report.
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03-17-2009, 06:12 AM #3
Fixer Upper
- Join Date
- Jan 2009
- Posts
- 60
The seller (bank owned) hasn't kept his end of the deal since day one! I was supposed to close two months ago but the appraisal inspection keeps failing because the seller is very very slow at fixing the problems to meet FHA approval. The seller offered 4000 to fix the roof leak but only did about a hundred dollar job (according to my home inspector).
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