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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 88345
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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I did not get my VA loan from the bank. How do i get out of

Customer Question

I did not get my VA loan from the bank. How do i get out of the contract?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking.

What is your reason for getting out of the contract?

Can you please explain the circumstances, since written contracts are used to bind persons to the terms of the agreement and can only be broken based on breach of contract?
Customer: replied 1 year ago.

first of all,


my Va loan did not get approve from the bank. Because the bank had needed proof of my 2 checks from me.


Also, I had did a walk through. I had notice that the second and third floor air condition did not work. All of this was during closing/settlement time

Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your response.

I understand, but could you please tell me did your purchase agreement have the standard mortgage contingency clause and also an inspection clause?

Did you raise the issues about the broken items and ask for them to be repaired?
Customer: replied 1 year ago.

Yes. I had visit the house two time on June 13, 2013. Also, I had visit the house on contract ending date 14JUN 2013.


All three time the A.C. was not working.


 


The bank Lender: June 14-15, 2013


My underwriting manager is willing to accept a signed statement by you confirming you have not borrowed any money. Please let me know which is easier for you – copies of the checks from NFCU online, or a written statement. Please let me know if AC issue is resolved to your satisfaction and that you are going to closing.


 


 


 


Bank Lender on Jun17, 2013:


 


You need to speak with your attorney on this property first. Any letter I would write would be contingent upon successful release from this contract. If you decide not to close on this property, I am worried you may encounter considerable liability. Sellers and agents may well pursue legal action against you. Please do speak with your attorney to make sure you are protected and safe to walk away before you do so.


Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your additional information.

Legally we cannot engage in any representation of anyone from this site, so if you are looking for us to write you a letter regarding your rights to terminate this contract based on the loan contingency clause or on the failure to repair defects in the property after inspection, we are prohibited by law and site rules from doing so and I am afraid you would have to engage a local attorney in person to do something like that for you as this would violate the terms and scope of our service.
Customer: replied 1 year ago.

I had told the agent that I did not need a home inspection.


But I did not turn down the walk through.


Will I be able to terminate this contract. Also, will I get to keep my deposit money.

Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your response.

If your contract had a mortgage contingency clause and you were denied the mortgage, this is one ground to cancel the contract without penalty and get your money back.

If you waived inspection, but there was a clause in the contract that made it contingent on your walk through and it did not legitimately pass the walk through based on the broken AC units, then this too would be grounds to terminate the agreement based on the discovery of defects on your walk through inspection.

The botXXXXX XXXXXne is you need to prove that one of the clauses in your purchase agreement was not legitimately satisfied in order to recover your deposit back and terminate the contract without penalty. If there are no legitimate grounds under the contract of purchase, then you can cancel the sale, but you would end up losing any money designated as "earnest money" for doing so absent a breach of one of the contingency or other clauses in the contract.



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Customer: replied 1 year ago.

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Customer: replied 1 year ago.

Relist: Other. line was disconnect

Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your response. Unfortunately, while I am online between 7AM and midnight most days, at some point I need to sleep. I apologize for making you wait during that time and not responding to you fast enough, I am truly sorry. I thank you for your patience.

Based on your contract, if you were not able to obtain the mortgage you are able to walk away from the contract without penalty. Also, it states on repairs upon inspection that the seller has an option to make the repairs or pay for them to be made to continue to bind you to the contract, but if the seller refuses to make the repairs or pay for them to be made, then you can walk away and get a return of your money. Again, you MUST take your contract to a local attorney if you want this given to you in writing officially, since the information here is provided merely for educational purposes and does not constitute representation as you were told above when we started.

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