Posted by River City on October 11, 2007 at 08:29:10:
The first thing you need to do is read your contract…ALL of it. Don’t skip any words. It should have a section on buyer’s default. Also, if the transaction is dependent on a loan and you cannot obtain the loan, the mortgage company is required by ECOA (the Equal Credit Opportunity Act) to give you a written denial letter so you can give it to the agents and then you would receive a refund of your deposit and would also be released of your obligation to fulfill the contract.
What kinds of things is everyone lying about? Generally, everyone just wants to close on the transaction so they can all get paid. If they don’t close, they don’t get paid.