Can the bank cancel when while we are in an executive contract? Knowing there are cash offers?
I am a first time home buyer with an FHA loan. Currently, I am in executive contract with the bank and I am afraid they are going to cancel. Listing agent BPO’d the home for 104,900. I paid to get the house appraised and it appraised at 82k. The listing agent says the appraisal is too low. Hence, can only get the loan amount of the appraisal . Can the bank cancel the contract for cash offers that have been submitted at the beginning that are more than the asking price? What are my legal rights as a home buyer?
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Answered Wed Feb 11 2009, 15:10 by Kirt Primeaux in 11106
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