Contract canelled based on contract contingent

[moneen]

My State is Ohio. I signed a contract on Nov. 12, 2005 for the purchase of a house. My contract states "the buyer's obligations are contingent upon the Buyer obtaining a Conventional loam commitment within 30 calendar days after written acceptance of this contract. The Buyer shall notify the Seller and/or Seller's Broker in writing within such time period that a commitment has been obtained. If the Buyer does not provide such notice with such time period or has not waived this contingency in writing, this contract shall terminate and the earnest money deposit shall be returned to the Buyer. The first loan I applyed for with my bank on 11/14/05, I was told by my bank no news from them is good news. On Dec. 21, 2005, I call the bank to inquire about my loan, they told me they needed additional information, after sending this information I was told the loan was not approved. My contract states 30 day contingent for loan commitment or the loan would be terminated. Since I did not get approval from the bank, I told my realtor on Dec. 30, 2005 to terminate the contract, even though it was terminated due to not meeting the contract agreement.

My question is: Am I in breach of my contract? Am I due my earnest money? Should I seek and attorney?

[HomeGuru]

Originally Posted by moneen

My State is Ohio. I signed a contract on Nov. 12, 2005 for the purchase of a house. My contract states "the buyer's obligations are contingent upon the Buyer obtaining a Conventional loam commitment within 30 calendar days after written acceptance of this contract. The Buyer shall notify the Seller and/or Seller's Broker in writing within such time period that a commitment has been obtained. If the Buyer does not provide such notice with such time period or has not waived this contingency in writing, this contract shall terminate and the earnest money deposit shall be returned to the Buyer. The first loan I applyed for with my bank on 11/14/05, I was told by my bank no news from them is good news. On Dec. 21, 2005, I call the bank to inquire about my loan, they told me they needed additional information, after sending this information I was told the loan was not approved. My contract states 30 day contingent for loan commitment or the loan would be terminated. Since I did not get approval from the bank, I told my realtor on Dec. 30, 2005 to terminate the contract, even though it was terminated due to not meeting the contract agreement.

My question is: Am I in breach of my contract? Am I due my earnest money? Should I seek and attorney?

**A: you are not in breach. You failed to notify them within the 30 day time period so the contraact was terminated. Read that part.

What is your Realtor telling you?

[lwpat]

Before you purchase a house you should always get preapproval of a loan amount. Then you know what you can afford and you don't waste everybody's time. Tell them you want your money back.