My husband is active duty and we signed a contract to purchase a house last week, however he has received verbal orders today for us to PCS in December this year. Do we have any legal right to terminate our contract with hard copy orders? Or can we still move into our house (we used a VA Loan) until December, and PCS at that point? We wouldn't be able to sell but maybe rent it out… just want to know what some of our options are since we weren't expecting to PCS until next year.
Under contract to buy a house, but received verbal orders after signing… options?
byu/Powerful-Coconut-296 inMilitaryFinance
Posted by Powerful-Coconut-296
2 Comments
You will lose any earnest money if you back out at this point.
You’re the buyer? Usually the buyer can terminate the contract and get your earnest money back for pretty much any reason. You just have to provide the reason. I would talk to your realtor, because if you had to rent it out immediately, you’re probably going to bleed money very fast