Manning v. Bleifus

Harshbarger, Justice:

On May 9, 1977, the Mannings agreed to sell their residence to the Bleifuses by a contract that provided that the Mannings be paid $1,000 earnest money and $76,000 in cash upon delivery of a deed, all of which was “subject to the approval of financing,” a phrase inserted by the buyers. Bleifus applied for a loan for the full purchase price at his bank. It appraised the property at $68,000 and offered to loan Bleifus eighty percent (80%) of that amount. He did not apply elsewhere for financing.

On May 23, Bleifus, by his attorney, notified the Mannings that he was unable to…