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Can I refuse to go through with a purchase of real property…

Customer Question
Can I refuse to...

Can I refuse to go through with a purchase of real property if the lender (Quicken) informs me just 6 days before the closing that it made a mistake in estimating the real property taxes for the property to be purchased, resulting in higher monthly mortgage and escrow impound payments (i.e., $300/month increase from that originally estimated)? Since escrow is due to close in 6 days, the contingency for financing has passed but the increase in the monthly payment makes takes this purchase beyond our financial abilities.

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Sure. California.

Lawyer's Assistant: Has anything been filed or reported?

Filed? Reported?

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No. Just whether we have to go through with the purchase.

Submitted: 3 months ago.Category: Real Estate Law
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Answered in 3 minutes by:
3/13/2018
Real Estate Lawyer: Ray, Lawyer replied 3 months ago
Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 47,603
Experience: Texas Attorney for 30 years dealing in real estate
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question, conduct and prepare your response.

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Real Estate Lawyer: Ray, Lawyer replied 3 months ago

I would try to resolve it with seller.See if they will accept the earnest money and leave the deal.Since you cannot afford payments better to walk away now than loose it later in say foreclosure. The seller may agree here, keep the earnest money and you look for a house elsewhere later on.You aren't the first person that numbers changed and you can no longer afford it.Take you chances now and see what you and seller can agree to.

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Real Estate Lawyer: Ray, Lawyer replied 3 months ago

I​ appreciate the chance to help you today. Prayers to you. If you can positive rate 5 stars it is always sincerely ***** *****

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Customer reply replied 3 months ago
Earnest money is $120,000. Does your answer remain the same?
Real Estate Lawyer: Ray, Lawyer replied 3 months ago

Y​es you could offer them half.You also have option here to buy it and flip it as an alternative.It might help you loose here to do so.You would only have maybe one or two months payments.

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