Home Buying in 92705>Question Details

Being Outman…, Home Buyer in 92705

Can our preapproval letter be used against in holding our deposit if we don't get loan? We have not signed off on loan conting. it is past 17

Asked by Being Outmaneuvered, 92705 Thu Nov 4, 2010

days. seller agent and buyer agent has same broker;

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In general, if you don't have a loan contingency then you cannot rely on that to get out. If you have not waived it then you can. If you have loan contingency and that cannot be cleared you should be able to cancel and move on with your money in hand unless contract language provides argument for seller.
Get with the parties involved and Broker and iron it out. Best way to tackle problems is with communication.
Good Luck
Laura Myers
0 votes Thank Flag Link Thu Nov 4, 2010
The new CAR contract incorporates provisions based on the premise of good faith in all representations. If the financing being used is not the financing represented in the preapproval, the seller has the right to make a contractual claim based good faith. He will argue that the buyer misrepresented his financing in order to induce the seller to accept his offer and did not notify him of the change or issues in the finacning if you made a change. This is more problematic if there were multiple offers. You do have rights, get with your agent and discuss your options.
Web Reference: http://bob2sell.com
0 votes Thank Flag Link Thu Nov 4, 2010
You sound like you have multiple issues with your current transaction. I suggest that because the Seller agent is with Apple Realty & the Buyer agent is also with Apple Realty, you should contact the Broker/Owner of Apple Realty & schedule an appt. with the broker/owner, yourself plus both agents & possibly even the sellers & have a round table discussion to iron out the issues.

EmilyKnell1@yahoo.com
562-430-3053 cell
0 votes Thank Flag Link Thu Nov 4, 2010
Not sure how it works there, but here if you have a financing contingency in the contract, it continues past the stated time frame unless 1) you remove it on your own, or 2) the seller asks you to remove it.
0 votes Thank Flag Link Thu Nov 4, 2010
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