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Ways to back out of a signed P&S with mortgage contingency

Looking for some advice on how I can back out of a signed P&S for a home, without losing earnest money deposit.

My husband and I had signed the P&S around two weeks ago to purchase a condo. Main reason for the purchase is the proximity to work for the both of us. But that's actually changed a few days ago since he got a new job offer that's much better but in a totally different town. More than an hour away from where we're buying... This was totally unexpected.

We were already kind of lukewarm about the home. Location was the single biggest factor why we made the decision to buy this place, and now that's gone. Honestly we were just so tired of looking. Physically and emotionally draining.

We have already deposited a good portion of the down payment, about $60K.

There is only mortgage contingency left. We had already provided all the documents that’s been requested. The loan is in the approval process.

Is there anything we can do at this point to trigger the mortgage contingency without losing the earnest money?

  1. Can we ask the lender to not approve and decline our mortgage application at this point?
  2. Can my husband terminate employment now and send a proof to the lender?
  3. Buy it then immediately sell it a few months down the road?
submitted by /u/hexies10
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/n0tp55/ways_to_back_out_of_a_signed_ps_with_mortgage/
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