6 Comments November 29th, 2008

can a judge order u to buy a home if a contract was signed but financing fell through?

robl asked:


no mortgage commitment was issued cause of money shortage from the sale of my home

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6 Responses to “can a judge order u to buy a home if a contract was signed but financing fell through?”

  1. patticharron Says:
    December 2nd, 2008 at 2:19 pm

    No. When you agree to buy a home, the sale is contingent on your ability to get appropriate financing. If you can’t get financing, you can’t buy the home. What good would it do for a judge to order you to buy a home for which you have no money? What needs to happen in your case is that a judge needs to order a mortgage company to provide financing, and that’s not going to happen.

  2. Leo F Says:
    December 2nd, 2008 at 7:47 pm

    No, how are you going to pay for it, if you can’t get financing?

  3. Alan Openshaw Mortgage Broker Says:
    December 4th, 2008 at 7:33 am

    Sure the judge can, as long as he is willing to lend you the money!!!!!! :-)

  4. Mr Placid Says:
    December 4th, 2008 at 12:38 pm

    No, a judge is not going to order that.

    However, a judge can order you to pay breach of contract damages, if the seller sues you, and your contract did not include a financing contingency.

  5. Jay M Says:
    December 5th, 2008 at 6:20 pm

    No. Most real estate sales are subject to loan approvals and appraisals that guarantee an acceptable level of loan to value. The only time a seller can ‘prevail’ on a failed loan is if they can prove that the applicant didn’t try in a reasonable way to get funding. An example would be if the applicant lied on the loan application or some other fraud that caused the mortgage company to reject the applicant.

    In this case the seller may have some damages from taking the property off the market, but can not request an injunction making you purchase it. The judge does not have the power to make you do something, only the power to award civil damages.

  6. estielmo Says:
    December 9th, 2008 at 5:30 am

    Did you have a contingency escape clause build in that allowed an “out” if you couldn’t get financing? If not, you’re screwed.