The gating factor is your down payment. Right now you have about 5% while barely covering closing cost. Some banks may do 5% down up to $417K. Also you should check out FHA loan. Work with a loan broker to find the best options for you.... more
This is a hard one to answer because you don't have all the details (and I'm not a real estate attorney - which you should go to for the answer if your deposit is more than a few thousand dollars).
That said, the principle is that once you remove all contingencies and then want to back out, you lose your deposit.
I'd suggest you first talk with your Realtor's Broker and see if there's a way to go through with your purchase, if the loan was the only reason you wanted to back out.
You can certainly file a complaint with your state's licensing agency (Department of Real Estate in California, where I am) but that probably won't get your money back.
Failing those two options you would have to sue, but a real estate attorney is where you need to go for that advice.
Start with the Broker in the office of the Realtor you worked with.... more
Well, it depends on alot of factors, but If the listing agent is experienced in short sales, depending on which bank holds the title, if your offer is market value and is the first one submitted to the bank, and you qualify for the loan, you should get it. Be prepared to wait though, most short sales (depending on which bank & the listing agent) are averaging 6 months to get approved by the bank that holds the title.... more
Nancy, it sounds like the Seller can't perform. There should be another document protecting you. What is your closing date per your escrow instructions? If the Seller hasn't performed , you should beable to get your deposit back. Unfortunate you've been waiting for so long. So still have time to purchase another property and take advantage of the TAX CREDIT.... more
I have a client from Taiwan, that is looking for Diamond Bar, Walnut and Chino Hills.
They are purchasing for an investment, although if you sell in the future, you will have to give a percentage to to the state. Talk to a local tax consultant first before investing.
Jes Sierra, B.Sc., Realtor®... more
I can fully explain to you how this works....... You may own land or pay space rental, and sometimes lease...... I have appraised, inspected and installed foundation supports for mobile/manufactured homes so if your looking for some much needed info contact me and I can provide and help answer more of your questions