What is the name of your state?Illinois
We had a house inspection done recently on a FSBO house, during the course of the inspection a severe mold problem was found and we wanted to break the contract while still having our earnest money returned aftter finding out it was cost $8000 to remedy the problem. Our lender provided the seller and their attorney with a denial letter of our loan, stating that based on the conditions of the house they were denying us our loan. Based on the terms of the financing section of the contract, if we were denied the loan for any reason, the contract is considered null and void and all earnest money is returned to the buyer.
I am wondering if the seller would be able to dispute this letter or is this pretty much an open and shut case? Our realtor who is helping us buy a new house suggested we can put a lien on the seller's house if the refuse to return our earnest money for any reason. Is this pretty much a done deal?
We had a house inspection done recently on a FSBO house, during the course of the inspection a severe mold problem was found and we wanted to break the contract while still having our earnest money returned aftter finding out it was cost $8000 to remedy the problem. Our lender provided the seller and their attorney with a denial letter of our loan, stating that based on the conditions of the house they were denying us our loan. Based on the terms of the financing section of the contract, if we were denied the loan for any reason, the contract is considered null and void and all earnest money is returned to the buyer.
I am wondering if the seller would be able to dispute this letter or is this pretty much an open and shut case? Our realtor who is helping us buy a new house suggested we can put a lien on the seller's house if the refuse to return our earnest money for any reason. Is this pretty much a done deal?