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All Forum Posts by: Beckie Han

Beckie Han has started 1 posts and replied 2 times.

Buying & Selling Real Estate

Post: HELP - interest rate in loan contingency

Beckie HanPosted
  • Posts 2
  • Votes 0
Originally posted by @Russell Brazil:

I dont know what your contract states....our contracts state an interest then say "or market rate."

4% wouldnt have been a possible interest in almost a year now.

Our contract doesn't talk about market rate, but says the interest rate should not exceed 4.0% - maybe it's just a placeholder for formality. Can we use it to get out of the contract without loosing earnest money?

0 Votes
Buying & Selling Real Estate

Post: HELP - interest rate in loan contingency

Beckie HanPosted
  • Posts 2
  • Votes 0

We put an offer on a home last week and it got accepted. However, we'd like to cancel the contract as interest rates have risen and it doesn't make financial sense anymore. We had put loan and appraisal contingencies in the offer (no inspection contingency) and have 5 days before the contingency deadline expires. The purchase agreement states that interest rate shall not exceed 4.0%, but the lender is offering around 5%. Can we cancel the contract based on interest rate of the loan contingency? We would like to retain our earnest money deposit. What's the best strategy? Please HELP!!

0 Votes