Marie L. asked

⚖️  Law

I am under a contract to buy a condo for 125k with a 20% down payment and the rest subject to financing. The appraisal valued the condo at 100k, and the seller is offering me a 5-year interest-only loan at 7% with a balloon payment at the end, which I cannot afford. Am I obligated to take this loan and buy the house even if I know I cannot repay it?

September 26th, 2024

Jonathan G. answered

You may not be obligated to take the loan if there was no specific financing contingency in your off...

September 26th, 2024

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