Legal Question in Real Estate Law in Indiana

We have a contract on a house through USDA financing. However it looks like closing could take 2 months. My wife has been offered a job which would disqualify us from this financing. We do not have money in savings for conventional loan only in IRA (which we don't want to use). Contract specifically states USDA. Can she take the job and we back out of house? We know we would lose earnest money. But is that all


Asked on 9/07/13, 6:23 am

1 Answer from Attorneys
Kenneth Wilk Rubino Ruman Crosmer & Polen

You have to check the contract carefully before backing out. Some contracts limit the sellers' damages to earnest money. Some contracts say that the seller can pursue other remedies, which includes the purchase price. You had best consult with an attorney before you make any such decisions.

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Answered on 9/09/13, 2:04 pm


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