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Old 06-27-2015, 09:50 AM
 
Location: MID ATLANTIC
7,598 posts, read 17,614,249 times
Reputation: 8078

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Quote:
Originally Posted by sadsadseller View Post
To clarify - the $22K repair was to REMOVE AND REPLACE all fiber cement siding because the buyers believed it was not to building code. Which the county and city confirmed it was to code. This was not identified in the inspection report nor noted in any documents on their ORIGINAL repair request that we completed all but 1 repair ($300). We offered them the $300 at closing. They did not have any contact with us until AFTER their period for rejection had expired.

I don't want to force performance on the contract - we believe we are entitled to the escrow money. But it seems futile to sue for $3K if I have to spend $5K to get it.

I just want the mortgage company and other broker to be accountable for the entire mess....
Well, then you're setting yourself up to be disappointed.

The mortgage lender is not a party to the contract, regardless how many paragraphs in that contract make reference to the lender.

Furthermore, while you are entitled to a copy of the denial letter, you are not entitled to know the buyer's financial data and credit history.

This is why the lender letter should vetted before the contract is even ratified and another reason to supported sticking with a local lender (and this is from someone that lends in all 50 states).
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Old 06-27-2015, 09:56 AM
 
4,480 posts, read 7,935,315 times
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Originally Posted by sadsadseller View Post
I don't want to force performance on the contract - we believe we are entitled to the escrow money. But it seems futile to sue for $3K if I have to spend $5K to get it.
Maybe they will give you the $3k, but unlikely. What will likely happen is they will sue you for the money and record the lawsuit at the registry of deeds. In that time period, lets say it takes a year, you will not be able to sell the house because its involved in litigation. So...... is that worth fighting over $3k for?

Quote:
Originally Posted by sadsadseller View Post
I just want the mortgage company and other broker to be accountable for the entire mess....
Not going to happen. We don't live in a perfect world. Put it back up for sale, move on with your life.
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