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When can home seller cancel deal?

Bounced deposit check raises red flag

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Editor's note: Robert Bruss is temporarily away. The following column from Bruss' "Best of" collection first appeared Sunday, March 26, 2006. DEAR BOB: I had a contract to sell my home. I gave the buyer seven days to bring me an acceptable mortgage letter from a bank, but he presented a letter from a mortgage broker indicating final approval of his loan was subject to "underwriting." His bank returned his $1,000 deposit check for insufficient funds. Can I legally terminate his contract? --Jorge S. DEAR JORGE: From your description, it sounds like your buyer is in breach of the sales contract. That letter from a mortgage broker indicating his mortgage approval is subject to "underwriting" is worthless. Purchase Bob Bruss reports online. Today's smart home buyers get preapproved in writing by an actual lender before shopping for a home. If your buyer had done that and shown you the lender's approval letter or certificate, you could feel confident he'd obtain a mortga...