Legal Question in Real Estate Law in Florida
I received a pre-approval from a lender for a new house, prior to putting my current house on the market. After i accepted an offer on my current house and put an offer on a new house, the lender informed me that i was no longer able to acquire financing. Now i have sold my current house and cant get into a new one. The only option i would have is to try and break the contract on my current house. I dont feel like being sued for specific performance. Any advice?
2 Answers from Attorneys
as you should have done originally, you need to hire an attorney. the paperwork from the lender and the contract needs to be reviewed. you may need to pursue another lender in order to get whatever financing you need. you likely are not going to be able to get out of the contract unless the funding from the lender was noted as a contingency.
Unless your buyer will agree to cancel, you can sell your house and rent, to avoid a potential lawsuit.
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