get your deposit back and withdraw the signed contract.
In the entire buying house process, after a buyer has signed a contract, the buyer can still back out the contract in the following area:
1. Right after home inspection is done, the buyer can withdraw the contact for any repair work listed on the inspection report.
2. The buyer can not get a loan. If you have shown you have made your best efforts but failed to get a loan. The contract becomes void.
3. After your mortgage loan is approved but before the closing date, if your financial conditions changes, e.g., laid-off, you show that you are no longer able to make estimated mortgage payment, you can withdraw the contract. *
*If you once purchased house before,you would remember that during closing the closing officer would ask you if there is any change in your incomes, debts, etc.
Therefore it is absolutely legal to withdraw the contract and get the deposit back, if you are indeed laid off recently after you signed the purchase contract.
In the entire buying house process, after a buyer has signed a contract, the buyer can still back out the contract in the following area:
1. Right after home inspection is done, the buyer can withdraw the contact for any repair work listed on the inspection report.
2. The buyer can not get a loan. If you have shown you have made your best efforts but failed to get a loan. The contract becomes void.
3. After your mortgage loan is approved but before the closing date, if your financial conditions changes, e.g., laid-off, you show that you are no longer able to make estimated mortgage payment, you can withdraw the contract. *
*If you once purchased house before,you would remember that during closing the closing officer would ask you if there is any change in your incomes, debts, etc.
Therefore it is absolutely legal to withdraw the contract and get the deposit back, if you are indeed laid off recently after you signed the purchase contract.
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