Can this create a cash purchase? NEED HELP!!!

**jetdawg** · 10-02-2011, 04:51 PM

My wife and I put a contract on a house we wanted, unfortuanetly our realtor did not put a finance contingency in the contract.

The bank wanted another 5% more down payment and we elected to back out of the deal. We were informed that since we did not have a finance contingency in our contract we MUST buy this house and it is now a cash purchase contract.

I live in GA and was told that a law is in the books stating this. Our realtor has not been much help so I turn to you guys/girls for your help.

**Greg** · 10-03-2011, 07:25 AM

There is no law that says you have to buy the house.

There is a law that says if you back out of a contract you can be sued for monetary damages, if they can prove damages.

Without a finance contingency it is a cash purchase contract.

Your realtor is not really your realtor if they did not put a finance contingency in the contract. You need to fire your realtor and find one who will be on your side.

**EdwardSmith** · 11-30-2011, 02:05 AM

As per my knowledge, there is no law which can enforce you to buy that house. I think you can back out of the deal but before such back out consult a good attorney and ask about all consequences which can take place.