Bushmiller v. Schiller

Eunice Schiller (plaintiff) agreed to buy a home from Joseph Bushmiller (defendant), paying a $13,000 deposit forfeitable if she failed to complete the purchase, with the contract contingent on Schiller obtaining $100,000 in 20-year financing at prevailing rates within 10 days. Schiller's only financing attempt, with Equitable Trust, offered a 20-year amortization with a five-year balloon payment she initially misunderstood; once she learned what balloon financing meant, she withdrew her application, told the bank she wasn't interested in balloon terms, and told Bushmiller's agent the home was too expensive, without ever contacting another bank. Bushmiller later offered to help arrange financing at prevailing rates, but Schiller sought a refund of her deposit instead; the trial court ruled for Schiller, and Bushmiller appealed.