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1.) listing agent/seller wants us to remove loan contingency tomorrow
2.) IF we remove contingency and loan doesn't get final approved (we may lose 3% deposit $14700) but I already got CONDITIONAL approval and BOA says I "SHOULD" have no problem...but not 100% based on conditions
3.) IF we don't remove the contingency by tomorrow, seller (MAY) cancel contract and relist the house on the market or sell to someone else.
4.) Ask for extention but not really possible because appraisal value was more than the sold price, so I'm sure the seller wants to relist
Everyone says I have no problem with Loan but BOA won't be able to give final approval yet for another 2-3 business days.
So which would you gamble on ?
1.) Remove loan contingency and if loan falls, I lose $14700 (3% deposit)
2.) NOT remove loan contingency and wait for seller to retract contract (possibly tomorrow), lose house without knowing if I'll be approved or not (high chance of approval due to conditional approval letter, but not 100%)
1.) listing agent/seller wants us to remove loan contingency tomorrow
2.) IF we remove contingency and loan doesn't get final approved (we may lose 3% deposit $14700) but I already got CONDITIONAL approval and BOA says I "SHOULD" have no problem...but not 100% based on conditions
3.) IF we don't remove the contingency by tomorrow, seller (MAY) cancel contract and relist the house on the market or sell to someone else.
4.) Ask for extention but not really possible because appraisal value was more than the sold price, so I'm sure the seller wants to relist
Everyone says I have no problem with Loan but BOA won't be able to give final approval yet for another 2-3 business days.
So which would you gamble on ?
1.) Remove loan contingency and if loan falls, I lose $14700 (3% deposit)
2.) NOT remove loan contingency and wait for seller to retract contract (possibly tomorrow), lose house without knowing if I'll be approved or not (high chance of approval due to conditional approval letter, but not 100%)
Thanks for all your time~~~~
With the way BOA and these other banks have operated since the housing collapse, why would you take the chance on giving away $14K? Heck, send me the check.
I would NOT move the contigency. If BOA drag their feet the owners could still pull out of the deal, take your money and put the house on the market.
I wouldn't remove the contingency. Don't take the word of some stupid jerk mortgage rep telling you, you are 'conditionally approved.' It's a load of bull.
There are so many things that can go wrong with lending these days.
1.) listing agent/seller wants us to remove loan contingency tomorrow
...
If you have an agent, what does your agent say about the situation?
It depends on what our contract requires. Are you contractually obligated to remove the contingency by tomorrow, or is it just the seller demanding that you do it? If not contractually obligated, then you don't have to remove it and the seller can't cancel. What does the contract say about missing the contingency? Is the contract automatically canceled, or is it up to the seller to cancel or not?
Is there an obligation to provide a cure period? Our contract requires that that the other party provide a cure notice to allow 3 days to correct the breach of contract. This may provide you extra time if you have a similar requirement.
Be sure you understand your contractual requirements before making a decision.
I would not remove the contingency. On what grounds can the Seller cancel the contract? They have to have some contractual reason to cancel it and you not giving in to bullying is not one of them.
I would not remove the contingency. It's there to protect you.
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