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Old 02-19-2002, 04:15 AM
worried buyer
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Unhappy

wanted to revoke offer but worried about liquidation damages

we wanted to revoke our offer to purchase a house in California but we are worried if we will have to pay for damages/fees.

here are some informations. we offer to purchase the house on 1-15-2002 and the close of escrow will occur on 30 days. our loan contingency shall remain in effect until the designated loans are funded. our contract has an active (method) removal of buyer's contingencies.

the reason why we need to revoke our offer was because the APR we have was too high and we can't afford the mortgage for that APR. we haven't present a loan commitment to the seller yet.

do we have any grounds to backout this time? are we going to pay for damages/fees?

thank you very much for you help.
  #2  
Old 02-20-2002, 11:03 AM
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Did your Realtor explain the financing contingencies to you?
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Old 02-20-2002, 02:20 PM
worried buyer
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Anfortunately our realtor didn't explain this to us.
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Old 02-20-2002, 03:45 PM
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Then you know what to do.
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