Can I back out of a real estate contract if my rate changes?

Hey Congrats ! Now download Free eBooks HERE

FREE Report – “Debt Consolidation Loans For Bad Credit Borrowers” Click Here For Free Report

FREE Report – “4 Steps To Eliminate Debt” Click Here For Free Report

Sometimes the best successes come after the worst disappointments. Tweet this

Question by Michael: Can I back out of a real estate contract if my rate changes?
I recently signed a contract to purchase a home under construction in NC. The rate on the contract was for 5%.Unfortunately, do to the guidlines of our USDA loan we cannot lock in our rate until June 21st. Since we signed the contact back in May rates have gone up to 5.875%. If they continue to go up between now and June 21st we will not be able to afford the extra payment. Can I back out and get my earnest money deposit back?

Best answer:

Answer by Attorney
It depends upon the purchase agreement/construction agreement.

Does it have a financing contingency? If you cannot get a mortgage you will not be able to buy it.. and you may get your deposit back

Add your own answer in the comments!

free ebook classified ads

FREE eBook – CLICK HERE

Sometimes the best successes come after the worst disappointments. Tweet this



Share Button

Comments are closed.

Powered by Yahoo! Answers

Popups Powered By : XYZScripts.com