Posted by River City on August 26, 2005 at 07:07:36:
First of all, I am not an attorney, however, I do work in the mortgage industry in Compliance with federal regulations (not state).
Your answer depends on a couple things. First, most purchase offer agreements state how much of a loan buyers will be obtaining and also the amount of the monies due at closing. Yours HOPEFULLY stated that the purchase was subject to loan approval. In addition, your realtor should have given you a document that stated your estimated closing costs, which would have included the $8000. If you cannot find this document, ask her to show it to you. Your signature would most likely be on the bottom of the document, as they generally do have signature lines. If there are signature lines on the document and she produces one without signatures, I would say that she never gave you the figures and made a BIG booboo.
When you met with the mortgage company representative you should have received a “Good Faith Estimate of Closing Costs.” This document would have explained what your requirements were as far as monies due at closing. This document would also have signature lines, however, sometimes it is prepared and mailed within 3 business days of application to the applicants (which in my opinion is a terrible injustice to an applicant)and does not require a signature.
Keep us posted on the outcome. Good luck.