|
I had buyers come in with a pre approval from their lender. They signed a contract to purchase the home but when their lender said they must have 20% down they said they couldn't afford it and are breaking the contract. Is this legal? I am willing to let them out of the contract but not without a penalty for removing it from the market and loosing the 3 other interested parties who have now moved on. I gave the buyers the signed copies of the contract to provide to thier lender. I have not recieved anything from their lender saying that they did not qualify even after requesting it from the buyer several times. They had promised a 30 day closing if they didn't have to put earnest money down and like a fool I let them. What are my rights under IL law on this matter?
Reply
|
