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force to buy a condo

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D

Dvb

Guest
California
I'm in a process of buying a condo. My purchase contract contains loan clause but it contains only loan amount without exact loan rate. After contingency expired I found out that I could not get a loan at fair rate because of bad ratio of renters/owners in the complex. What could I do now ? Is there any way I could break a deal without losing the deposit ?
Can I sue my agent for not advicing me to put exact rate in the contract ?
 


HomeGuru

Senior Member
You already have an out because your contract was written that the purchase was subject to financing. You can not get financing because the lender does not approve the owner/occupant ratio therefore no loan. The loan interest rate is a moot issue.
Your real estate also messed up as the financing contingency should always specify loan amount, interest rate and points.
 

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