Question about failure to finance contingency

So I made an offer on a house a little over a month ago and three days later they accepted. I got a loan estimate that was way higher than we were comfortable paying buyer we ended up changing some things to make it work. A week later the lender said there was an issue verifying my income and we had to add a co borrower. Since the co borrowers credit isn’t that good apr went up and payment was 300$ more a month. We said we could t swing that so we said we wanted to back out.

My agent said that we would loose our 3k earnest money because we didn’t have a failure to finance. But would t there be a failure to fu acne since my income wasn’t verified? The contract also says that if there is a failure to finance then we can either terminate or reach terms that are agreeable. And if that doesn’t happen earnest money goes back to buyer.

It seems to me that we had a failure to finance when my income couldn’t be verified and when we tried to add a co borrower that was us trying to reach terms that we could pay which didn’t happen.

I just want to some opinions on wether or not I should seek legal advice or is this common and works how that are saying? Anyways thanks for any advice.

submitted by /u/joknub24
[link] [comments]

So I made an offer on a house a little over a month ago and three days later they accepted. I got a loan estimate that was way higher than we were comfortable paying buyer we ended up changing some things to make it work. A week later the lender said there was an issue verifying my income and we had to add a co borrower. Since the co borrowers credit isn’t that good apr went up and payment was 300$ more a month. We said we could t swing that so we said we wanted to back out. My agent said that we would loose our 3k earnest money because we didn’t have a failure to finance. But would t there be a failure to fu acne since my income wasn’t verified? The contract also says that if there is a failure to finance then we can either terminate or reach terms that are agreeable. And if that doesn’t happen earnest money goes back to buyer. It seems to me that we had a failure to finance when my income couldn’t be verified and when we tried to add a co borrower that was us trying to reach terms that we could pay which didn’t happen. I just want to some opinions on wether or not I should seek legal advice or is this common and works how that are saying? Anyways thanks for any advice. submitted by /u/joknub24 [link] [comments]

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