we currently bought a home for 355k,with inspection, financial approved, and 20k in earnest money paid. With the contract signed can we break the contract, and what would be the compensation for seller for breaking the contract?
Answer
Sounds like you could be beyond attorney approval, inspections, etc. and maybe even have a loan commitment. And no attorney. There's a good chance you could lose $20,000.00 if the contract gives you no other "outs" at this point. There may be outs, but without a complete review of the situation including the contract, it is IMPOSSIBLE to provide any sound legal advice.
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