Cleveland, OH asked in Consumer Law and Contracts for Ohio

Q: If a person has purchase agreement on a house and has out earnest money up. And all is good until appraisal comes back l

Buyer has no more money and mortgage company won't approve loan for more than appraisal what options does buyer have and realitor puts house back on market and doesn't tell buyer trying to buy

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1 Lawyer Answer
Joseph Jaap
Joseph Jaap
  • Cincinnati, OH
  • Licensed in Ohio

A: If buyer cannot get a loan,and is unable to get money to close the purchase, then buyer should terminate the contract under the financing contingency, and seller should return the earnest money to buyer. The realtor should have buyer and seller sign a contract termination and mutual release. Or use the Find a Lawyer tab to retain a local real estate attorney to review the purchase contract and advise.

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