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Seems like this would be a pretty easy out for anyone. Just call your mortgage guy and tell them you may be losing your job. It has to be harder than that, right?
Unless his L.O. is a selfish ass and tries to scare him into staying in the deal.
Your lender can send you a decline due to unforeseen circumstances or some-such, and your realtor can make nice with the other realtor and get you the money back.
If you've paid for inspection and appraisal, that money is gone.
Really? That has not been my experience at all. The opposite has been true. They spring them at the last minute, if at all. This despite what the law says.
on new construction, multiple times my buyers have left the initial day of offer submittal with a copy of the HOA docs. this is even before the offer has been accepted and ratified.
on a regular sale/foreclosure/short sale, no consistentcy as to when they arrive. in my area, we have a form that gives notice that we are requesting them, giving the seller 14 days to produce. I've never been forced to initiate that form. most listing agents get them over promptly. the smart ones wait until after the home inspection contingency is satisfied
Unless his L.O. is a selfish ass and tries to scare him into staying in the deal.
Your lender can send you a decline due to unforeseen circumstances or some-such, and your realtor can make nice with the other realtor and get you the money back.
If you've paid for inspection and appraisal, that money is gone.
hell, the buyer could just not send the loan officer the required documentation. technically, without it, the lender cannot approve the buyer for a loan. no approval = out if within the financing contingency...
You might also want to read your contract with respect to specific performance. Intentionally trying to not get approved for a mortgage is most likely against what's in your contract. You could explain the situation to the seller and try to negotiate a deal for how much of your earnest money they'd be willing to accept in order to let you out of the contract. That might be preferrable to your attempt to just rip them off.
You might also want to read your contract with respect to specific performance. Intentionally trying to not get approved for a mortgage is most likely against what's in your contract. You could explain the situation to the seller and try to negotiate a deal for how much of your earnest money they'd be willing to accept in order to let you out of the contract. That might be preferrable to your attempt to just rip them off.
We have a clause about this very issue in our contracts. Seller would get the earnest money.
We have a clause about this very issue in our contracts. Seller would get the earnest money.
Agreed with you 100% I believe it would be considered a failure of the buyer to obtain financing within a specified time frame which is clearly identified in many contracts.
It could also be considered fraud if the buyer intentionally went out of their way to not get approved, after having signed a contract, apparently in good faith, in order to obtain financing. Most contracts have a clause that requires both parties to abide by the agreement and work to satisfy the requirements.
It would also be interesting to see what was said from the buyer's side when they presented their offer. You just can't go around and tell the seller how well qualified you are, then go to your lender and beg them not to be approved. Subpeonas usually help figure those situations out pretty quickly and the buyer might get smart really quick when confronted with other parties they've talked to about their intentions to not abide by their agreement.
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