Hi all, After a really exhausting process I'm clear to close but I need to have a board interview. My nightmare process looked like this : I had difficulties to get the 20% for down payment. Since I didn't manage to get the 20% after signing the contract, the lawyer of the seller was trying to build a case to take my earnest money. Although I had contingency, I chose the wrong lawyer, who... [more]
Hi all,
After a really exhausting process I'm clear to close but I need to have a board interview. My nightmare process looked like this :
I had difficulties to get the 20% for down payment. Since I didn't manage to get the 20% after signing the contract, the lawyer of the seller was trying to build a case to take my earnest money. Although I had contingency, I chose the wrong lawyer, who according to the contract, if I couldn't come up with the 20% I would have lost my earnest money. Eventually I borrowed from family and had enough to close. The problem I'm facing now, is that I have no money left after closing. It is up to the board discretion if they require to have liquidity, but its not clear to anyone right now, until the interview. My question is, if the bpard asks me to close money in an escrow (which I clearly can't), can I get out of the deal? my lawyer said that technically I can, but since the buyer has a horrible lawyer, he can take me to court. The contract states that a disapproval will get me my money, but I'm just wondering if a financial disapproval is enough. Thanks!
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