Home Selling in 02767>Question Details

Missouri Buy…, Home Buyer in 02767

Missed Commitment letter due date

Asked by Missouri Buyer, 02767 Mon May 9, 2011

My realtor was in direct contact with my lender to get the commitment letter - did not get one and did not informed me 1 week after the date. Now she is telling me that it is a cash deal and if I cannot close I will lose the earnest money.

What Can I Do ABout IT?

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Answers

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Unfortunately you cannot do much. It does not need to be a cash deal, you can still use financing however if your financing gets denied it has to be cash. Did you get a denial letter? Consult your Attorney! Why were you not talking directly to YOUR lender, more communication here is needed. Perhaps the seller will agree to an extension, have they been asked?
0 votes Thank Flag Link Tue May 10, 2011
all answers below are valid! Seek legale counsel, most committment letter deadlines are very often extended in my area as well. If you have that letter, present it immediately. The earnest money is again something an Attorney should get resolved if need be. Best of Luck!
0 votes Thank Flag Link Tue May 10, 2011
Missouri Buyer. Did your lender finally give you a committment? If not you are at risk of loosing your deposit. Did you have an attorney represent you for the purchase and sales agreement? Did your buyers agent keep you informed as to the progress of the loan? Were you in direct contact with the lender? Your agent was aware that you needed the financing?

Unfortunately the ultimate responsibility will be yours, you signed the agreement,. Your lawyer is there to protect you and should of been aware of the dates, and either asked for an extention or informed the sellers you could not obtain the financing. Your buyers agent could also be accountable if it is demonstrated that they took the responsibility of being the contact person for your lender.

Either way it will be a long drawn out costly mess. Best advice is to explain it to the Seller, see if you can get the financing, if not, see if the seller will be a generous person and help you out. (not likely as they have had the property off the market and may not be able to sell it or get the price you have offered.)

Good Luck

Louis Wolfson
Web Reference: http://www.LouisWolfson.net
0 votes Thank Flag Link Tue May 10, 2011
Your lender should also have been talking directly to you. It usually takes the work of all 3 of you to put a deal together. Now I would suggest that if you still want the property, you should get a lawyer involved.
0 votes Thank Flag Link Tue May 10, 2011
You should get advice from an attorney in this situation.
0 votes Thank Flag Link Mon May 9, 2011
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