I always suggest that my clients get at least 2 quotes fro banks and or mortgage brokers. If you get a good quote from a bank I know mortgage lenders that will beat any bank.
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Usually a deposit is submitted along with a purchase agreement. The deposit is a sign of good faith (called an "earnest money deposit") that the buyer intends to complete the purchase of the home. Within that purchase agreement there are typically provisions outlining under what circumstances the EMD is refundable. Common examples are if there is something the buyer doesn't like on the private inspection or if the home doesn't appraise. The buyer, however, has an obligation to apply for a mortgage in a timely manner and provide a mortgage commitment or approval within a reasonable time frame. A month should be long enough to secure a commitment, although sometimes it takes longer. You or your Realtor should reach out to the buyer and demand an update. Either way, your Realtor should be answering these questions for you.
Are you selling the home without a Realtor and someone simply gave you some money to "hold" the home for them without both of you actually signing a purchase contract? If that's the case, then things are a little more dicey and you probably should consult with an attorney. If it were me in this case I would write a letter to the buyer telling them you are no longer holding the home for them, here is your money back, best of luck. Send it certified mail so there is no confusion. Keeping the money just muddies the water if they want to come back later and try and force you to sell them the house. Not sure they'd have a case, but better safe than sorry.
Yes I've heard of this. In the rush to close your loan and hit deadlines, there is probably something the lender failed to do prior to closing and now that they are trying to deliver the loan to VA to insure it, VA is rejecting it.
It is not uncommon to have post-closing deficiencies with loans, then the lender has to come back to the borrower with egg on their face because they missed something. Usually it's just a matter of asking the borrower to provide and additional condition or two. If it was a huge error though, then the lender might have to keep the loan on their books for awhile. Either way, just try to cooperate with them best you can so that your loan ends up in good shape.