The process is very convoluted and there is lots of red tape at the banks. They can change their stance at any time as long as there is no fully executed contract of sale. Once you have a fully executed contract of sale, there is no turning back for either party. Prior to having a fully executed contract of sale, all bets are off. As en example, if you turned around tomorrow and decided you didn't want to purchase the house, you can simply change your mind. Often times this happens with buyers prior to the contract and in the end, the seller has no recourse against the buyer. In the same fashion, without a contract, you have no recourse with the bank.
If it has become too problematic or stressful, you always have the option of forgetting about the deal. If you are or have been in contract, then this answer would be much different. If that is the case please contact me direct to discuss it further. I hope this answers your question, feel free to contact me direct.
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
there is not signed contract for sale yet. if they wait too much longer to sell at all the mold and rats will finish taking it down anyway!
Did you sign a Contract of Sale to purchase the home at that price? Because, if you did not, I don't see you have much, if any, recourse. Offers are not binding in New York State for real property transactions; only a fully-executed contract of sale is binding on all parties.
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
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