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| *Ostroff, Fair and Company>>>Law & Legal |
How to get out of a buying a home.....? |
My husband and I signed a purchase and sale agreement with a realtor to buy a house....We were suppose to close 8/24/07 and there is a 7 day extension period, this was based on financing......our lender rarely talks to us and when she does she tells us we can't afford this home, or puts us down or gets just plain rude.....We have told the lender and real estate agent that we can not afford this home due to the amount of payments that has been quoted to us, but yet they are still trying to get us approved.......the agent tells us we have to wait until 8/31/07 before we can say okay we aren't getting it, but is there anyway to get out of this NOW as we know we CAN NOT afford this home????? PLEASE WE NEED ANSWERS NOW. If you know that you won't qualify for the financing, what's the rush to get out of the contract today? The 31st is only four days away, so just wait. If by some rare chance they find a legitimate lender willing to finance, all you have to do is directly contact the lender and inform them that you cannot afford the payments. I presume your concern is losing your earnest money deposit? More information would make it easier to address your concerns. Source(s): Retired Texas trial lawyer 8/31 is only a few days away. If that's the date that was in the contract you signed, then that's the date you'll have to wait for. The realtor would like to get you approved so they can get their commission on the sale. Good luck. Just wait it out a few more days. Lenders are getting tough on financing and if you haven't been approved yet, you probably won't get approved (if you aren't putting a large down payment down). You don't have to wait for anything. Getting into a loan is much easier than getting out of it. Go to the website for the Better Business Bureau to see if they already have complaints on any of these parties. If there aren't any, call the Bureau about your situation before you sign anything. Your closing may be only an hour or two, but a bad mortgage will last for years. Please be careful. |
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