in that state of Virginia
We signed a preliminary contract to purchase a modular home from a retailer. We were told before the bank could order an appraisal, the bank needed a signed contract with our options. The appraisal of the land/home together is well below what we need to borrow. The bank denied our loan for lack of financing. In the contract there are no contingencies for financing approval. All it states is there is a 20% buyer's cancellation fee if we cancel. The home has not been ordered or even started building. Legally can they hold us to the contract and 20% ($200,000 contract price), even though we were told verbally we could back out if financing not in place? If we had 20% to pay for cancellation costs we would have no problem getting financing.

