Chances are they are saying the house may not qualify for a loan. I the house has structural issues that would need correction before it could be safely lived in, you might look into a Rehab loan.... more
Do you mean another one before closing?
If you have had one bank appraisal that supports the purchase price during the contract period, then unless the sellers did some major repairs, or you have had a really, really long contract period, then no, you should not have to get a second appraisal.
If this does not answer your question, please give me some more detail. Thanks.
Can I ask why you are backing out of the contract? I am assuming contracts have been signed on both ends but you have not yet closed on the property. Depending on the language in your contracts unfortunately you may lose your down payment. If the seller isn't upholding their side of the contract or if there is a legitimate reason for backing out of the contract such as structural issues with the property your lawyer may be able to get your deposit back. My advice is to carefully read your contracts and consult your lawyer. Best of Luck to you!... more
There is a chance that you could recover your deposit. I'd like to say that it is easy and effortless. The fact is recovering deposits has become a legal specialty due to the potential complexities involved.
If your purchase was from a developer, the contract should spell out specifically; whether or not the sale was contingent of the buyer obtaining financing. Usually developer use a non-conditional agreement. Many properties have liens, some liens seriously affect the value- others can easily be remedied.
I suggest that you talk to an attorney that specializes in "Deposit Recovery" • Many attorney have seen the demand for such a service.... more