We bid on a house and got a decent price. However, It needs many repairs that have to be done by us before the appraiser will approve the loan. Some of these repairs were going to be done by us, but they want contractors.
We feel that we are in over our heads now since we have to do repairs on a house we do not own. Our contract ran out with both the mortgage company and the realtor. The sellers live in another state and do all of their correspondence by regular mail which slows down the process. They have not even sent the first extension approval back from over a week ago.
Can we walk away without being sued by the current owners? Would we get back our deposit?