Buyer Backing out of Contract

09-05-2006, 11:21 PM

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Join Date: Sep 2006

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Buyer Backing out of Contract

What is the name of your state? South Carolina

I have a purchase contract on my townhouse. We were to close tomorrow when I got a call from the listing agent that the buyer did not like his rate he received from his mortgage agent and he doesnt want to close. We have a prequalify letter from his bank. Can he now back out of the Contract, just because he doesnt like the rate. There is not place on the S.C. contract that I can see that speeks about buyer approving rate.

Last edited by Hero; 09-05-2006 at 11:24 PM.

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