if you put a bid in on a house and the seller accepts it, but you don’t have the money can anything legally be done to you?
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1st of all – why did you even make an offer if you thought you couldn’t afford it??
2nd, If you made an offer & it was on a ‘recognized form’ – which most agents have, it contained a ‘contingency clause’ subject to getting mortgage approval (which most agents put into their contracts to protect their clients). The offer then becomes subject to or contingent upon the buyer obtaining financing. Therefore, in that case, the offer could become ‘void’. Since I don’t know & haven’t seen your contract, I will assume (which is always dangerous) that your contract could become ‘null & void’ – which again, all comes down to the language contained in your agreement. So, check out the ‘wording / language contained in your particular contract & if needed, consult an expert (Attorney). Otherwise, please quit looking for something you know you can’t have – that is so, NOT FAIR!!
2nd, If you made an offer & it was on a ‘recognized form’ – which most agents have, it contained a ‘contingency clause’ subject to getting mortgage approval (which most agents put into their contracts to protect their clients). The offer then becomes subject to or contingent upon the buyer obtaining financing. Therefore, in that case, the offer could become ‘void’. Since I don’t know & haven’t seen your contract, I will assume (which is always dangerous) that your contract could become ‘null & void’ – which again, all comes down to the language contained in your agreement. So, check out the ‘wording / language contained in your particular contract & if needed, consult an expert (Attorney). Otherwise, please quit looking for something you know you can’t have – that is so, NOT FAIR!!
