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My husband and I made an offer on a home with the usual contingencies--financing…

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My husband and I made...
My husband and I made an offer on a home with the usual contingencies--financing and inspection just 2 days ago. We have not given any earnest money, but we have signed a binding agreement. Now we found out that we cannot get the down payment we need to get the payment where we are comfortable and want to back out. Is that possible
Submitted: 3 years ago.Category: Real Estate Law
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Answered in 3 minutes by:
6/13/2015
Real Estate Lawyer: Law Educator, Esq., Lawyer replied 3 years ago
Law Educator, Esq.
Category: Real Estate Law
Satisfied Customers: 125,306
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Once you signed the offer, you are bound to the terms agreed upon, which is why written agreements are used. However, if you cannot secure the down payment, you could not secure financing either in most cases and you need to submit a written withdrawal of your offer and explain in there that you cannot secure financing at this time because you cannot satisfy the down payment required by the lenders.
While the seller could try to sue for breach for this, quite frankly it would cost them more money to do so this soon after submitting their offer because they could not really prove any damages.
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