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I am hoping there is someone on here that can help me. I signed a contract to purchase a home that is being built. Upon signing, I gave a deposit. I currently live in one state and purchased the house in another. I thought I would be able to get a transfer with my company to our office in that new state. However, it has been determined I cannot transfer so I am staying put. My contract mentions if I don't qualify for the mortgage then it will be null. Under these circumstances, do I have to wait until closing for them to determine I no longer qualify for the mortgage? Will I get my deposit back? When is the best time to let builder know? I am looking for the best answer that will get my deposit back.
I am hoping there is someone on here that can help me. I signed a contract to purchase a home that is being built. Upon signing, I gave a deposit. I currently live in one state and purchased the house in another. I thought I would be able to get a transfer with my company to our office in that new state. However, it has been determined I cannot transfer so I am staying put. My contract mentions if I don't qualify for the mortgage then it will be null. Under these circumstances, do I have to wait until closing for them to determine I no longer qualify for the mortgage? Will I get my deposit back? When is the best time to let builder know? I am looking for the best answer that will get my deposit back.
Thanks in advance!
Was there a contingency about the job transfer?
Have you talked to the builder? If not, do so, right away. Discuss the problem with them -
Have you talked to the builder? If not, do so, right away. Discuss the problem with them -
I have not spoken with the builder as yet for fear of losing the deposit altogether. The contract states if I don't qualify for the mortgage then I am not bound to purchase. In the past I've asked them if I don't get the transfer would I qualify for the mortgage and they said no.
I have not spoken with the builder as yet for fear of losing the deposit altogether. The contract states if I don't qualify for the mortgage then I am not bound to purchase. In the past I've asked them if I don't get the transfer would I qualify for the mortgage and they said no.
Then perhaps you need to talk to the lender today - maybe, just maybe, you they will look at your situation and, if appropriate, will give you a letter of denial now - hopefully, that may help you in your current situation
If you have a job in another city the new home purchase will likely get treated as a second home ( and you should declare it as such) , then the chances of not getting mortgage approval will definitely be high unless you are making tons of money and have no other debt. The criteria would be that you should be able to service (both) debts or rent/mortgage in both places. And of course a decent credit score to match.
I suggest you talk to the builder citing that you can't get a job transfer (that it fell thru) and hence you won't qualify for a mortgage. See what he has to say. If he doesn't agree, you really will have to wait it out till closing.
I am hoping there is someone on here that can help me. I signed a contract to purchase a home that is being built. Upon signing, I gave a deposit. I currently live in one state and purchased the house in another. I thought I would be able to get a transfer with my company to our office in that new state. However, it has been determined I cannot transfer so I am staying put. My contract mentions if I don't qualify for the mortgage then it will be null. Under these circumstances, do I have to wait until closing for them to determine I no longer qualify for the mortgage? Will I get my deposit back? When is the best time to let builder know? I am looking for the best answer that will get my deposit back.
Your contract will typically state under what circumstances the financing contingency will be null. It will also state some action that you must take, who must be a party to that action (proof) and may have a time in which the actions must be performed.
Hope this helps
Not knowing any details (especially the $ amount involved), my generic advice for people in a similar situation is:
Do not talk to the builder...if you're not careful, "anything you say can and will be used against you."
Get an agent and pay him to guide you out of the mess - or get a lawyer and pay him to guide you out of the mess.
Your situation is another example of why people should not begin shopping for new homes until they've found an agent to represent them.
But at this point you need an attorney. Agents are good at avoiding such things not at getting you out of them. That is lawyer country.
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