Add It Up
Both Buyer and Seller
77546

the broker? home. We have spent money for inspections, appraisals, and currently are paying the utilities on the new home. The problem is our "Pre-Approved" buyer has not closed on our current home because he did not properly disclose a gift and inflated his checking account balances with kited checks. This has caused him to have to resubmit a loan application to another bank and place his down payment in an account with the title company. Do I have any recourse if he does not close? Can I recoup my expenses from him or his shady loan officer who has covered for him? My agent is telling me there is nothing we can do because he can exit the agreement if he is not approved. He was not approved because of his own fraudulent actions????