Looking for a way to get back earnest money

I have an offer in on an investment property and we’re past the inspection period. The closing is July 1. After learning more of what my rates are likely to be and where I think the economy is going I no longer want to move forward with this transaction.

Before I put down the earnest money, I asked my realtor if I’d be able to pull out a later date. I explained that I hadn’t seen any hard numbers yet and that I didn’t want to be fully committed. He said it might be tricky but he was confident he could pull me out of the deal as needed.

This morning I told him that I wanted out and he said he understood and said he’d have to figure something out. His most recent text message was that he hadn’t gotten back to the office yet but he thinks the only way I’ll be able to get my earnest money back is if he can find someone else who wants the deal.

I do have a financing contingency which is what I thought would be able to bail me out. I was going to be using a heloc for the down payment and then going with a no doc loan for the remainder. I have not signed any final docs for the heloc or the loan and I have not yet paid for the appraisal.

Is there any way I can disqualify myself for the loan to get out on the financing contingency? For example, the no doc loan is dependent on me having the down payment which would be coming from the heloc. If I decline to move forward with the heloc then wouldn’t I disqualify for the loan based on not having the necessary funds? Another side is that I’m pretty sure I would not qualify for a traditional loan, couldn’t I ask the broker to go that way instead?

Thanks in advance for any suggestions!

submitted by /u/InfinityGiant
[link] [comments]

I have an offer in on an investment property and we’re past the inspection period. The closing is July 1. After learning more of what my rates are likely to be and where I think the economy is going I no longer want to move forward with this transaction. Before I put down the earnest money, I asked my realtor if I’d be able to pull out a later date. I explained that I hadn’t seen any hard numbers yet and that I didn’t want to be fully committed. He said it might be tricky but he was confident he could pull me out of the deal as needed. This morning I told him that I wanted out and he said he understood and said he’d have to figure something out. His most recent text message was that he hadn’t gotten back to the office yet but he thinks the only way I’ll be able to get my earnest money back is if he can find someone else who wants the deal. I do have a financing contingency which is what I thought would be able to bail me out. I was going to be using a heloc for the down payment and then going with a no doc loan for the remainder. I have not signed any final docs for the heloc or the loan and I have not yet paid for the appraisal. Is there any way I can disqualify myself for the loan to get out on the financing contingency? For example, the no doc loan is dependent on me having the down payment which would be coming from the heloc. If I decline to move forward with the heloc then wouldn’t I disqualify for the loan based on not having the necessary funds? Another side is that I’m pretty sure I would not qualify for a traditional loan, couldn’t I ask the broker to go that way instead? Thanks in advance for any suggestions! submitted by /u/InfinityGiant [link] [comments]

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