You are right regarding the terms of the contract. Not only does it not list a timeframe that the seller (lender) must respond but he does not have to respond at all. If you not satisfied with the condition of the home and truly want to cancel your escrow then have your agent prepare cancellation instructions based upon your inspection contingency and you should be able to collect your deposit back within a reasonable amount of time. Good luck!... more
That would not only be fair but that would also be correct! If someone bought a home in zip code 20171 in 2004 the chances are the home's market value is less today. This isn't true in every zip code because even here in Northern Virginia real estate is very local, but in 20171 prices are down. In order to know for sure about a particular house though, a market analysis would needs to be done on that property. I'm happy to run one for you if you'd like........ more
Just to add more, I am not counting the unhealthy growth that all these homes racked up in the last 4 years. We had home values appreciate 20-25% in one year. Thats Horse Shyt. I am taking 2003 price as base price and a 5-7% increase consistently every year is what I think is a sane price. What do you folks think?... more
The best bank and loan program depends upon the property, the contract and the qualifications of the purchaser.
If I were to assume that you are purchasing a single family home, have 20% or more to place down and have a credit score of 700++, I would recommend that you stay with a bank that has solid assets that you know can fund the loan. I would stick with Wells Fargo, Chase, Wachovia or Bank of America. They have assets and liquidity to back the loans, and can be competitive in rates for purchasers with strong qualifications. They may fund and hold your loan, and they can. They may repackage and sell your loan, but they have enough assets that they can fund without having to do that. Countrywide would be on my tier two recommendation after the above.... more