Q: Can I go under contract on more than one house?
This is not a construction loan. We are buying the home from the builder once complete. We went under contract on a custom built home 7/4/2020 with completion 12/25/2020. We signed an amendment extension 01/04/2021 for it to be completed 4/30/2021. The house is just framed. So there’s no way it will be completed by 4/30/2021. We need to be out of our rental by 4/30/2021. Can we go under contract on another already built home and walk away from this one with our earnest money back?
A: You need to have an attorney read your contract to see if it provides an out. In general, a party to a valid contract may not simply change his or her mind. A house purchase is way too large a contract to guess as to your rights and remedies. It will cost you something to confer with a local attorney but nothing when compared to your making a wrong decision and getting sued for hundreds of thousands of dollars and losing.
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