FHA loan and breach of contract……?
My hubby and I are trying to buy a home. We have chosen a very nice home at a reasonable price. However, the home was purchased and flipped in July. There are flipping regulations for FHA loans. In addition, we have already made an offer the seller accepted and have signed contracts. My question is does the seller have the right to breach our contract and sell it to the first buyer willing to pay cash? What are our rights here? Given that they have accepted our offer but no money has been exchanged, does he have the right to back out? We really love this house but could we loose it because we do not have deep pockets? Please advise.
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