Billman v. Hensel

391 N.E.2d 671 (1979)

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Nature of the Case

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Facts

Hensels (P) entered into a contract to sell their house to Billman (D) contingent upon the ability of D to get a conventional loan on the property for not less than $35,000 within 30 days. D only went to one lender and only discussed a loan amount of $35,000, but they were short of the cash needed to make up the difference in the loan requested and the purchase price. D got their parents involved, and they urged caution. D told P he was short $5000 and P offered to reduce the price by $5000. D did not complete the purchase and P sued to secure $1,000 in earnest money. Judgment went to P and D appealed.