Legal Question in Real Estate Law in California

My RE broker did not tell the lender that I quit my job. The lender rescinded my loan AFTER I signed a waiver of the loan approval contingency clause. Can I, now, rescind the offer and avoid the loss of my earnest money deposit?


Asked on 6/21/11, 9:03 pm

2 Answers from Attorneys
Anthony Roach Law Office of Anthony A. Roach

By waiving the loan approval contingency clause, you took the ability to obtain a loan from being a contingency, to being a material breach of the contract. The seller can now look to your earnest money deposit as damages for your breach.

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Answered on 6/22/11, 10:38 am
Terry A. Nelson Nelson & Lawless

You can TRY anything you want, but the contract terms apply to you. You need to negotiate your way out of this as best you can. Hiring an attorney might improve the outcome. If serious about hiring counsel to help you in this, and if this is in SoCal courts, feel free to contact me. .

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Answered on 6/22/11, 11:06 am


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