NotKennethBone

u/NotKennethBone





r/personalfinance•

This is not my situation but I had the question posed to me. Suppose one is under contract for a home purchase and put up an earnest money deposit. Very concerned about jobs, economic fallout etc related to Coronavirus. Is it possible to back out of the contract? I assume the earnest money would be lost. Any potential legal repercussions or other issues?

Not looking for reasons to go through with the purchase or not, just the mechanics of backing out of a house under contract.

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