After reviewing his docs my buddy says that the only contingency he’s found in regards to loans is at the front end–pre approval for loan within a short period after he’s signed the purchase contract. However, he signed the purchase contract back in June.
He did say that there are statements that the “seller may refund the deposit if he defaults…” but that is so vague and noncommittal. “May” carries a lot of uncertainty and unexpressed conditions. Hoping my friend does recoup those funds and I for the life of me, cannot see how someone in their financial situation should be penalized for bowing out of a loan. They’ve made the mistake of falling for that trap but are acting responsibly to pull themselves out of a greater disaster.
He probably does need to speak to a good real estate lawyer…any recommendations on who he can contact? I believe the builder he’s affiliated with is either Pulte or John Laing Homes. Thanks guys for all your insights.
