QUESTION

Can a real estate broker in PA force you to close?

Asked on May 11th, 2015 on Residential Real Estate - Pennsylvania
More details to this question:
We signed a deal for a house and stipulated that it be conventional financing and we were NOT approved for conventional but were approved for other financing of which we dont agree with the terms. are we obligated to buy the house and can we get our earnest money back?
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1 ANSWER

Business Law Attorney serving Pittsburgh, PA at Fiffik Law Group, P.C.
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The answer is mostly found in the terms of your purchase agreement.  There should be a financing contingency that provides you with a fairly clear answer.  Usually these agreements provide that in the event the purchase defaults on the agreement (and I'm not suggesting that you have), that the seller is limited to retaining the earnest money as damages. You cannot be forced to buy the house anyway.  There are also ways of tweaking things to give you "cover" and be able to bail on the deal if you don't like the financing.  Hopefully your lender or attorney has relationships with some lenders who can look at your situation and maybe you can get the conventional financing you hope for. If you need some contact, feel free to contact me. 
Answered on May 15th, 2015 at 2:59 PM

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