Real Estate Law
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My name is XXXXX XXXXX my goal is to provide you with excellent service today. I am sorry to hear of your difficult situation. Before I can give you an accurate answer to your question, please provide the following additional information:
What is the contingency in the contract--that you obtain financing?
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Yes, there is a contingency to obtain financing for a certain amount. The pre-approval came out to about $900.00 less than the mortgage amount in the offer, and this is the base before renovation financing, which is supposed to be added to that amount.
There is also an inspection contingency where buyer can terminate after inspection - I made an appointment with an inspector but cancelled it after getting the pre-approval since no matter what is found I will not be able to finance it. We already know it needs a kitchen, all appliances, some windows and the water is shut off because of some problems with plumbing and heating.
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Thank you, XXXXX XXXXX a preapproval alone enough to satisfy the failure to obtain financing at the stated terms? My realtor is insisting I need to actually apply and be rejected before I can get out of this.
What about the Pennsylvania opt out law I read about online.
Section 3406 of Title 68 of Pennsylvania's Code defines a right called "Purchaser's Right To Cancel." It gives the buyer until 15 days before the property closing to cancel the contract for any reason whatsoever.
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