[davisgermany]

We are supposed to close on a house today and we want to get out of it! We've been struggling with this for days and keep thinking everything is going to be OK and that we just have to go through with it, but we are panicking that we are on the verge of making the biggest mistake of our lives and feel despondent that there is no way out. All of the contingency periods have passed. We are willing to sacrifice the earnest money of $2500, but could we potentially be sued for breach of contract by the seller for thousands more dollars? Everything is so much more expensive than we have budgeted for... home insurance, maintenance costs and utilities, etc. We should have done more research and fine tuned our budget before getting so far along in the process. In addition we took money out of other investments to put down on the home to keep our mortgage payments lower after a gift from a relative for the down payment fell through. We are putting ourselves in a bad financial position if we go ahead with the purchase of this home living paycheck to paycheck if we are even able to do that and have pretty much took all of our savings for the down payment and closing costs. The loan is approved and all of the papers are in place. All we have to do is sign. But we HAVE to find a way out of this mess! We are literally hours away from signing. HELP!!

[excon]

We are willing to sacrifice the earnest money of $2500, but could we potentially be sued for breach of contract by the seller for thousands more dollars? But we HAVE to find a way out of this mess! We are literally hours away from signing. HELP!!!!!

Hello d:

Relax... Simply don't sign. Of course, I don't know what provisions are called for in the purchase and sales agreement you signed. But, I DOUBT you can be held liable for MORE expenses. That's what the earnest money is designed for. They can't keep that AND sue you for more. If they wanted a larger earnest money deposit to protect themselves against this possibility, they could have demanded it. They didn't.

That doesn't mean they're going to be happy. At this late date, they might THREATEN to sue, and they might even try. Anybody can sue anybody is this great country of ours, but winning is another matter.

What I wouldn't do, is just ignore the meeting. Call everybody as soon as possible... Don't cave when they yell at you.

excon