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I entered into an agreement to purchase a house giving my…

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I entered into an agreement...
I entered into an agreement to purchase a house giving my agent a signed contract and $3,000 earnest money. I paid for the home inspection of $500. The inspection was fine with a couple of minor issues that were taken care of. Due to circumstances that changed two weeks later I am unable to complete the purchase. My agent is telling me that I will lose my earnest money which I understand. She also is telling me that since I have the money to pay for the home there is no way to get out of the contract and I will be forced to purchase the home. It is impossible for me to own a home at this time. Please advise.
Submitted: 1 year ago.Category: Real Estate Law
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Answered in 1 minute by:
10/3/2016
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 1 year ago
RealEstateAnswer
Category: Real Estate Law
Satisfied Customers: 32,324
Experience: 10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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Real Estate Lawyer: RealEstateAnswer, Lawyer replied 1 year ago

Is this an all cash deal? Why is your realtor telling you that you have the money to pay? How do they know your finances?

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Customer reply replied 1 year ago
There will be a loan which I have qualified for. Do you realtor and knows the loan company because they recommended them to me. They know that I have been approved.
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 1 year ago

Thank you. The contract is going to outline what your damages and exposure is. I say this because there could be a clause that simply limits the seller to keep your deposit and allows you to walk away. Moreover, they would have to sue you and essentially force you to buy the home and seeing how financing is involved, this is VERY hard to do. Your realtor ONLY wants to make money and their commission. That is likely why they are saying you have no way to get out of this. You should not have them involved and either retain counsel or simply advise the buyer to keep the deposit and you are not closing and walk away and wait to see if they do anything, at that point.

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Real Estate Lawyer: RealEstateAnswer, Lawyer replied 1 year ago

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!

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