[Gwen69]

My husband and I were going to buy a home we did all the paper work and we had applied for a loan for the purchase of this home the closing was also set but the loan wasn't finished going through the process due to us not being able to able to get some paperwork that the loan officer needed, so we called the agent and told him that we would not be getting the home due to the paperwork not at the time reachable and we wouldn't know when or if we would be able to get the info the loan officer needed, well now the agent is telling us that he is going to sue us for breach of contract because we had ten days to get out of this deal after the signing of the contract. What can we do?

[LisaB4657]

First read your contract carefully. Most contracts have a condition for the buyers to obtain a mortgage, and if the buyers are unable to obtain a mortgage then they have the right to back out of the contract and get back their deposit.

If your contract has this condition in it (usually referred to as a mortgage contingency) then you can tell the agent to get lost. Go back to the loan officer and let them know whether you can provide the info. If you're not able to provide it and they choose not to give you the loan then they have to give you a denial in writing. Once you receive a written denial you have to give a copy to the seller and the agent along with a letter asking for the return of your deposit.

[Fr_Chuck]

It sounds like what you wanted to do was delay the closing and furnish the paper work,

I believe what the agent heard you say, was that you have not furnished all the materials you needed to do, and was not going to furnish it for closing.

It is common to dely, reschedule closing 2 or 3 times due to mortgage delays. If your loan is still going though if you furnish this material you have a obligation to furnish it, not back out of the sell.

If they turn you down after you provide the material, then you have a reason to get out of the loan, but if you don't get approved because of your not supplying the material needed you may be found liable since you have some responsibility to provide them the material they need

[tlhen51]

Hello, if you need to delay the closing to get the lender the paperwork he needs to finish getting you approved for your loan you can file an extension. Even if you back out of the deal the worst that can happen to you is you lose your earnest money. You cannot be forced to buy anything! The Realtor is trying to bully you. If you don't have a realtor representing you you need to get one! Always, always, always get a buyers agent! Never use the listing agent, they work for the seller. I am a Realtor and represent both buyers and sellers. I have had deals fall through because the buyer changed their mind. That is what earnest money is for, to compensate the seller if the buyer bails out. Tell the listing agent to go fly a kite. You should try to finish the deal, but if you can't don't lose any sleep over her threats.;)