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Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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My husband and I (both seniors) signed a Residential real estate

Customer Question

My husband and I (both seniors) signed a Residential real estate purchase & sale agreement on 7/22/13. After talking with mortgage brokers yesterday (in another state) we find that we can't afford to move and need to get out of this contract. We live in Washington and had planned on moving to Arizona but don't see how we can do it. What options do we have? There is a home inspection set for Monday, July 29 at 1:30 pm so we're kind of anxious.
Barbara Gramps
Submitted: 3 years ago.
Category: Real Estate Law
Expert:  LawTalk replied 3 years ago.
Good morning Barbara,

I'm Doug, and I'm very sorry to hear of your situation. My goal is to provide you with excellent service today. In order to give you a clear and concise answer, I will need some additional information about the specifics of the contractual language, please.

1. Is there any chance that you will not qualify for the mortgage from your lender? I presume that qualifying for a mortgage is a contingency in the sale agreement that would allow you to back out if you don;t qualify.
2. What other contingencies are there in your contract?
3. Does the purchase agreement have a "Liquidated Damages" clause in it?

Customer: replied 3 years ago.

Unfortunately, we would probably qualify for traditional mortgage but we would not have much money to live on. Mortgage broker in Arizona said he would put together a traditional but is trying to get us to accept a reverse mortgage. It sounds good but we don't want to lose what little we have and knowing there would be no equity so to speak. I don't see "Liquidated Damages" in the contract.

Guess what I need to know is - should I get in touch with our realtor and tell her that we have decided not to sell and then get additional legal advice? What are the ramifications of backing out? Party that is buying the house will have "cash" and could probably have no problem finding another house and probably spend less money that what she would have on ours. We're just going to have a couple unhappy realtors but we want to know how much approximately this will cost to get out of contract here in Washington.


Expert:  Legalease replied 3 years ago.

Hello barbara --


I am another expert at Just Answer. You have selected a button that "opts out" of the last professional lawyer that you were speaking with (Doug -LawTalk - he asked you the questions) -- he is one of our best ! Did you intend to press that button or was it a mistake? If it was a mistake you can press a button to "opt back in" to speak with him on your screen if you look around for the button.


Please let us know if you want to continue with Doug or you truly want another professional to assist you.