can i cancel the contract at anytime after the date has passsed to obtain a committment that was not obtained?

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I have a mortgage contigency for a certain amount. ‘If the mortgage loan has not been arranged…by a certain date, then either party buyer or seller void the agreement.’ Can i void at anytime if a committment has not been obtained? I had to get a committment for 3% but was only approved for a 5% mortgate…can I cancel? What is the time frame to cancel?

  1. Reply
    Dawni Do Right
    February 21, 2011 at 2:05 am

    Have your agent prepare a Rescission Agreement based on your “inability to obtain financing at terms stated in financing contingency” and that you want your earnest money refunded.

  2. Reply
    Expert Realtor
    February 21, 2011 at 2:33 am

    If the contract stated 3% and you can only get 5%, then yes, the inability to obtain financing, under the contingency can be applied.

    However, don’t be suprised if the seller’s Realtor comes up with a source aka FHA, of where you can obtain a loan at the 3%…as long as they meet the interest rate requirement on the contract, they CAN require you to try another lender.

    That prevents people from just ‘getting the letter’ when they actually could have been otherwise approved.

  3. Reply
    February 21, 2011 at 3:23 am

    I used “Credit Solution” to settle my mortgage.They managed to reduce my mortgage up to 58%.It’s legitimate.I came across this company on NBC News Special Edition.Check it out here:

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