Penalties for backing out foreclosure purchase
My home is scheduled to close on July 26. I found a foreclosure I like and want to put in an offer but I'm unclear on potential penalties that could be imposed by the bank which owns the foreclosure.
Banks typically don't allow contingencies on foreclosures, so if my house sale falls through but I've already given earnest money to the bank and have a contract but can't make the purchase, what can happen other than losing the EM? Thanks.