getting out of contract

live in ohio.

put in bid for house that was accepted. in following days my job was put in jepardy, but have not been terminated or left. there is a risk that financing through a bank will not go through, therefore voiding the contract. that would be no problem.

but...i still have my job right now so the lender could technically grant me the loan, even though my income situation could be dramatically altered in the near future. and if the lender does give me the loan sort of "against my wishes" can i still get out of the contract ?

one last point, we approached the sellers with the likelihood of not getting financing, and they verbally agreed to let us out of the contract. now they request a letter from our lender saying we were not approved, but we might be approved.

[JETX]

As you probably know, a contract is a binding legal document between two or more parties.

As such, you need to read and understand the contract in its entirety. And there may be provision in the contract allowing one party to rescind or void it, but you need to see what it says.

Here are your options, and none of them are free:
1) Read the contract, see what (if any) provisions are included to allow your cancelling, or any 'trigger' (lack of funding), that would allow you to cancel or void the contract. If there is a 'lack of funding' provision, there is nothing against your letting the proposed lender know that your job is in jeopardy and they will probably turn you down. That would 'trigger' your out. However, you have to make an honest effort for the loan, including making application.

2) Explain your situation with the seller and see if you can negotiate a cancellation of the contract. This might cost you your deposit (if any), and also might cost additional. But, at least you wouldn't be forced to comply with the sales agreement.

3) Finally, you can just breach the agreement. Obviously, this is the last resort since it cold cost you some big bucks and a large lawsuit.

You choose.
And finally, read the contract!!