So a few months ago I agreed to a contract with a property management company because I wanted to get out of my townhouse and move to another state once I get out of the Army in September. My wife and I want to build a house, but we probably won't be able to do that before we move back so we have to rethink our plan. Anyways, the contract we signed pretty much says that the property manager will close on my place as is, but it won't actually be sold until he sells it to a 3rd party and there is no timeline for that happening. The closing date has to be between Sept 19 and Oct 1. Thus far, we haven't exchanged any money or anything and in the contract there are no terms of termination. All we did was sign a docusign document and the contract is only 2 pages long. I know I should probably ask a lawyer about it, but just didn't want to pay for consultation if this is as easy as me calling the guy, or writing him a letter, letting him know that this is not a contract we wish to go forward with.
My question is, can I pretty much fire this guy or get out of this contract without any legal ramifications? The loan officer I'm talking to is telling me that I can only afford about half of what I was hoping to afford when buying my next house because of this deal. I have over $275k of entitlement left on my VA loan but I'm only trying to get about $223k for the house we plan to buy. I've also talked to two other loan officers that tell me the same thing. The guy we are using said it wouldn't be an issue going with his company when trying to get a new house but it certainly is. If anyone can help or has advice, it would be much appreciated. Thanks!