Question: Thanks for all the warmhearted replies. Regarding the loan contingency, the contract states that: it is contingent upon the ability of purchaser to obtain and provide seller with written evidence of a first mortgage loan commitment.
There is no mention of the interest rate limit. However, can I dispute upon first mortgage loan should not be a no-doc loan?
Answer: A lawyer can say more authoritatively to your situation, but a layman’s reading here makes me think that’s pretty broad. Basically, if you can get a loan…at any rate, or any terms, it sounds as though you’re contractually bound to buying that property.
Again, I am not a lawyer, and I strongly strongly strongly encourage you to consult one. You can try certainly, but if you think in terms of how these issues are settled, and look at that contract language, if you were sitting on a civil jury hearing the builder’s case, seeing no wording that stipulates the type of loan on the executed signed contract by both parties, would there be any possible way you as a jury member could find in favor of the buyer given that the judge has ordered you to rule out any emotional compassion for the plaintiff and focus strictly on the law and the written contract?
I’m afraid you may be in for an uphill battle and be mentally prepared to lose any deposit money if you choose to walk from the deal.
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