Quote:
Originally Posted by Table 5
basically Im asking if i cant get a mortgage from my bank (on a place that closes in 2 months), do I get to keep my 10% deposit and walk away, or would i have to walk away forfeiting that 10%.
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In single family homes at least, most builders will require you to waive the financing condition before they break ground. In that case, if you can't get a mortgage at completion and they have to sell at a lower price, they may come after you for the difference plus other costs (interest, legal, etc.).
You can try to get something different written into the contract, depending on the builder, and given the current market conditions, they MIGHT go for it.