Posted by Michael in Phoenix on April 24, 2002 at 11:54:50:
Does your mortgage contingency clause provide for a full return of earnest deposit, should proper financing not be attained? If it does, then it seems reasonable to exercise your right to pull out, with all monies returned in full.
Imagine a “real estate professional” becoming evasive when he sees his commission disappearing! They’re there to protect OUR best interest, right? (;>)
Michael
contract advice needed fast!!! - Posted by jim c.
Posted by jim c. on April 24, 2002 at 11:18:41:
i’ve been working with a buyers broker on my deals and everything has been fine until this deal. its a bank forclosure, so we needed a fast closing. but closing is tomorrow and my loan is still not approved. now my broker is telling me there is a 75$ a day penalty for delaying the close. so i’m thinking of backing out of the deal under the mortgage contingency. the contingency requires a 90%ltv loan with 8-9% interest. all i was able to get was 85% ltv with 10% interest. can’t i back out using the mortgage contingency and get back my $2000 escrow without any hassles? my broker is being shady about it, not answering my questions straight. he was fine when everything was going good, but now when i really need his advice hes being elusive to my questions. i need advice fast. should i talk to a lawyer?
Invoke the contingency, then renegotiate. NTXT - Posted by Brent_IL
Posted by Brent_IL on April 24, 2002 at 14:01:36:
nt