Expert, localized Los Angeles answers provided by Heather Roy

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Lost Job, Financing Declined

  My husband and I were supposed to close on a house Oct 31. A week prior to closing, he lost his job and our financing was declined. The sellers wanted to sell us the house so they agreed to wait for us to get financing but put their house back on the market as well. My husband is having a hard time finding employment so we told our realtor that we did not want to purchase the house. Our realtor said that if we let the sellers keep our earnest money, they would not sue. Do they have a case to sue us? We need our money back.
 
  I haven't seen the contracts you signed or any of your documents. Take them all to a real estate lawyer and have a single session to find out where you stand. You can always ask ahead of time what it will cost.
    Edith
Originally published on November 7, 2007
 
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