Posted by Simak on February 14, 2004, 10:27 am
Hi All,
My husband and I find ourselves in an extremely sticky situation where
our downpayment in the form of escrow is in jeopardy. Here are some
quick facts. Would really appreciate any help/info/advice on this.
*. We are first time home buyers. We found this property FSBO and made
an offer basing on the comps. and the upgrades in the particular
property. The offer was accepted and we also did the P&S. The bank
appraisal came out 15K lower than the agreed upon price. THe seller
refused to budge and top of that holding onto our downpayment.
Naturally, the bank denied our mortagage and we want to back out. The
whole situation is still in limbo.
What are the chances of us getting our downpayment back considering
that:
1. The seller prior to listing the property did not get it
professionally appraised. Unfortunately, although, we looked at the
comps, but got carried away by the upgrades..thus coming up with the
offer which we found out later is 15K higher than the appraisal price.
2. We have the Mortgage Contigency clause in the P&S:
What do people here think of our chances of getting the downpayment
back? And chances of losing it?
Thanks in advance,
Simak
Posted by Bill Seurer on February 14, 2004, 10:54 am
Simak wrote:
> 2. We have the Mortgage Contigency clause in the P&S:
>
> What do people here think of our chances of getting the downpayment
> back? And chances of losing it?
If the mortgage falls through you should get it back.
Posted by avoidspam on February 14, 2004, 12:31 pm
On 14 Feb 2004 07:27:20 -0800, simak46@yahoo.com (Simak) wrote:
>What do people here think of our chances of getting the downpayment
>back? And chances of losing it?
What is your attorney's opinion? That would be more reliable than any
opinions you get on the internet from strangers.
Did your attorney prepare the contract or review the contract to
insure you would be protected when you made your offer?
DO YOU HAVE AN ATTORNEY?
Posted by Andrew Koenig on February 14, 2004, 1:48 pm
> 2. We have the Mortgage Contigency clause in the P&S:
> What do people here think of our chances of getting the downpayment
> back? And chances of losing it?
What does the mortgage contingency clause say? I would hope it says
something like ``buyer agrees to apply for a mortgage for X amount of money;
if the application is not approved by Y date, then buyer can cancel the
agreement and seller will refund all money paid.'' Or something like that.
Posted by D. Gerasimatos on February 14, 2004, 2:55 pm
>> 2. We have the Mortgage Contigency clause in the P&S:
>>
>> What do people here think of our chances of getting the downpayment
>> back? And chances of losing it?
>What does the mortgage contingency clause say? I would hope it says
>something like ``buyer agrees to apply for a mortgage for X amount of money;
>if the application is not approved by Y date, then buyer can cancel the
>agreement and seller will refund all money paid.'' Or something like that.
And if they still want the house they can always find a different lender.
There is bound to be a lender who will loan them the money. It's only
$15K after all. I guess it matters whether it's a $40K house or or a
$400K house, though. I am surprised the lender is balking at a $15K
difference to begin with.
Dimitri
XML site map
>
> What do people here think of our chances of getting the downpayment
> back? And chances of losing it?