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2/20/2010
VerifiedIf you the offer is not made conditional on financing or if it was and then you waived that condition, you are on the hook to buy that house.
That means that you can and likely will be sued to compel you to buy the house.
If the owner has trouble selling it and does for a lower price you will be ordered to pay the owner the loss that was suffered.
If the owner finds he cannot sell at all then you may be on the hook for the full contract price.
when you sign an offer it's a fully binding contract once all conditions are waived.
I hope that clarifies things.
That means that you can and likely will be sued to compel you to buy the house.
If the owner has trouble selling it and does for a lower price you will be ordered to pay the owner the loss that was suffered.
If the owner finds he cannot sell at all then you may be on the hook for the full contract price.
when you sign an offer it's a fully binding contract once all conditions are waived.
I hope that clarifies things.
Depending on the facts, the bank may be liable for the damages the purchaser suffers but that doesn't get the purchaser off the hook in terms of the seller.
But, if the loss of the job caused the bank to change their position then that's not the bank's fault.
But, if the loss of the job caused the bank to change their position then that's not the bank's fault.
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