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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Real Estate Law
Satisfied Customers: 17515
Experience:  B.A.; M.B.A.; J.D.
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My husband and I are members of the NACA Finance Program and

Customer Question

My husband and I are members of the NACA Finance Program and we were advised to sell our current property by our mortgage counselor in order to qualify for the loan. We did that and now we're in a situation where we close in 2 wks and we still haven't received an official approval from the loan program. At this point we need to know our rights in regards ***** ***** the contract with our buyer because we have run out of options. Please advise.
Submitted: 4 months ago.
Category: Real Estate Law
Expert:  Phillips Esq. replied 4 months ago.

If the sale is contingent upon your approval for the program, then you can send a written notice to the Buyer/Buyer's agent that you are withdrawing from the transaction because you have not received approval from the program. However, if the sale is not contingent on the approval, then if you try to back out, the Buyer may file a lawsuit to force you to continue with the sale. This lawsuit is called Suit for Specific Performance of the contract that you signed with the Buyer. So, you need to review the contract and see what your rights and responsibilities are.

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