I made an earnest money deposit on a home, then qualify for a home loan. I recently got laid off and want to back out. Is there a way I can back out of the purchase without losing my earnest money?
Purchase and Sale Agreements in Washington usually include numerous contingencies under which you may be able to back out of the contract (i.e. financing, inspection, title, HOA, etc) depending on the timing of your decision. You should immediately consult with an attorney because time is of the essence in these situations.
Real Estate Attorney
I agree with Mr. Roberts and if your economic conditions changed your financing may not be able to close through no fault of your own. See a lawyer, notify your lender, and stay in contact with your agent. If you get an agreement with the seller you can get your earnest money back. Sooner is better.
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