Can We Walk Away if Costs at Closing Table Are Way Higher Than Estimated?

[Mocahantas]

What is the name of your state? Delaware

We have our closing coming up tomorrow and have been told by the lawyer that we cannot see the HUD-1 statement today because they won't have the information they need from the seller and whomever else to provide the final figures. Overall, we have not experienced the best customer service when it comes to our mortgage broker and the lawyer so we are worried that tomorrow there may be some kind of surprise. The question is: Are we allowed to walk away if the settlement costs are much higher than the GFE? We received an updated GFE just last week and can afford the amount listed on it, but we can't pay if there are suddenly extra hundreds of dollars expected for us.

Thanks to anyone who can help.

[pojo2]

Look at the last word of the topic you posted ESTIMATE and that is what you received so yes the figures could vary slightly from what you have seen.

Honestly and this is not to be critical or mean or anything except practical, if a few hundred dollars will kill this deal for you can you really afford to purchase the home right now?

Depending on the wording of your contingencies in the purchase contract you could lose your earnest money and other damages the sellers might want to pursue if you walk at closing.

[nextwife]

Certain costs are FIXED, and can be known in advance, such as title, lender closing fees, appraisal, wire fees, etc. Prorations, however, will change based upon the day of the month, and may be significantly different, depending upon when the first payment will occur in relation to the closing date. That is automatic and cannot be used as an excuse to "walk".

Also, if you waived the financing continguency, then any unhappiness with the financing you secured is NOT relevant as to your contractual obligations.