I agreed to buy the house and lot for sale with the seller's promise that the amortization would be done thru a PagIBIG housing loan. Now, the seller says they cannot get their accounts approved with PagIBIG anymore because of a problem between the two of them. The seller says my only options would be either In-house financing or Bank financing. Over the past years I completed the downpayment or equity of the house and lot by paying the seller's office. The PagIBIG amortization was set to 7% and the Bank financing is set to 10%. This is only one of the many reasons I would not like to acquire the property anymore.
The seller is demanding that I make a decision ASAP otherwise the property would be opened up to other buyers.
Can I still back out of the agreement legally without losing everything that I have paid for? The seller told me to write a letter of request to back out but it was subject for approval and there were no guarantees that I would get my money back.
I honestly do not know how to formulate the letter so that I can demand for my money back. Please advise me on how to proceed. Any advise would be greatly appreciated. Thank you!