What makes a cash offer for a house? NEED HELP!!

**jetdawg** · 10-02-2011, 04:33 PM

I thanks those that will help me out in a situation I and my realtor has gotten us into. I had put a offer on a house and unfortuanetly I did not have a contingency in my contract with a lack of financing drawn into it.

The bank now said I needed a additional 5% down payment and my wife and I decided to back out of the house. I was then informed that due to not having a finance contingency in my contract the house must be bought no matter what. I was then informed (I live in GA) there is a law on the books stating such that.

I do hope and pray that someone is out there and knows if that is true or if I take it to court if I have any chance to win and not be pressured into buying this house.

**Greg** · 10-03-2011, 07:36 AM

An offer without a loan contingency is a cash offer.

If you back out of a cash offer you can not be forced to buy the house.

The only thing the seller can do is keep your earnest money and sue you for damages. If they lost money because of you backing out then you could find yourself liable for this loss.

ie, If they have a another house under contract and lose their earnest money because now they cannot buy it due to you backing out they could sue you for this loss.

It sounds like you need to have a talk with a local real estate attorney to find out exactly what your situation is.

**RudiiCinPA** · 01-09-2012, 09:21 AM

I am not exactly sure of the correct answer, but I would find someone else in real estate that you can talk to. Obviously, it is a weird situation and you should try and find out as much as possible. The best bet to find out the right information is to talk to someone who really knows what the deal is.

**Rezo** · 01-16-2012, 06:46 PM

If you really can't proceed further, just burn your deposit as you are not able to purchase by cash and seems like the seller have no understanding on your situation!