buyer backed out -how are we protected

[kjorourke]

What is the name of your state?
Vermont

 

[Grandma's house]

Was there a signed contract and did IT have contingencies? If so...you are not "protected".
If obtaining financing was one of the contingencies then he IS covered. Look at the news.
He may have qualified yesterday and Monday morn. NOT.

The 80/20's gone. The stated loans (unless you walk on water AND still have a 10% down) gone...in one day Fannie pulled out their level 1, 2 and 3 tiers allowing scores of less than a 660 to even buy at all. Over night mind you. Even IF you sold your house, had it all ready to sign they got yanked.