Not knowing all the details--much will depend on your contract--if considering backing out, do consult with an attorney who specializes in real estate beforehand--have all related paperwork reviewed and see exactly what options you may have.... more
That is a personal decision. There are many advantages to buying a home and renting, your parents just need to be sure that purchasing a home is what they really want to do. Factors such as fixed income, mainaining the property, and other issues will need to be taken into consideration when making their decision.... more
If you are using FHA forget about buying any of these homes they will not qualify under the guidelines. If you are using another method of financing then it does depend on what conditions will need to be met in order to fund the loan. If it is tear it down then this must happen prior to the close of escrow. As to who does the tear down depending on the seller's financial status will be up for negotiation.... more
The appraiser will actually measure the property to verify the square footage, and not just go by the property profile information. As a side note, the square footage of any unpermitted additions to the property will not be included by the appraiser when determining the value.
Hope this helps...
Coldwell Banker Residential Brokerage
Twitter: @RealtorJB... more
Oh gosh. I hope that I understand all that. Your buyers agent really is the one to ask this to - or your real estate lawyer if you have one. It sounds like it might be that your agent might also be the sellers agent ... that's not a great thing for you.
So I can be entirely wrong here but it sounds to me like the contract will default since you didn't get the loan. And in this case, you should get your deposit back. I'm not personally aware that the seller can require you (unless the contract specifies otherwise) to continue shopping for a loan just because they want you to.
In theory you have fulfilled your end - you applied, were denied, and that should give you a clean out.
But ... again - talk to your buyers agent asap. If the buyers agent also represents the seller (like dual agency) then I'd be wary of being forthcoming with him/her - and talk w/ your attorney - or get a quick free consult with one if you don't have one currently.... more