Expert: John - 8/27/2007

Question
My wife and I are in the process of purchasing a new home. Like many other buyer's we are considering canceling the new home purchase due to poor construction and poor customer service provided by the home builder. We also are unsure if the home will be worth what our purchase price is, due to home depreciation.  We have put
down $10,000 in earnest money. We are also using the home builders finance company.  Under our contract it states that earnest money can only be refunded if the buyer cannot qualify for the loan. We do qualify,
but want to cancel and receive our deposit back. Is this possible? We have not signed the final purchase price document or closed on this deal. What are our options? Thanks!"


Answer
I found your question in the question pool and I may be able to help you.
Well this is hard to answer.  You will need to read and review your contract.  That contract is a legal binding contract, and it depends on what it says.
You may want to see if there is a way out for "poor construction", etc.
Best if you talk to and Real Estate attorney and have him review the contract.
Hope this helps,
John