Can I legally get out of a real estate contract without penalty if…

[Diana Zelada]

Good morning, 

I have been looking for chances to be able to get out of a real estate contract on a house I wanted to purchase but later on regretted. The seller is very difficult to deal with and he is refusing to help me in a way way possible, he wants to sell me a house for $370,000, however the recently sold homes right beside it have been sold for around $330,000. They told me I had no way of the contract as of then. However, this morning, the lender called me saying he no longer works for the company and they are switching lenders. They are transferring all my documents over to the new lender, but I have to submit an application all over again. Would this be considered a financing contingency? Would this be a good reason to be able to get out of the contract without penalty? Thank you!!

[Matt Devincenzo]

Does your contract actually include a financing contingency? Appraisal contingency? If homes next door really are selling for so much less than your contract price then I doubt you get financing. But it doean't matter what I think, what matters is what the contract says and what you agreed to so far.