Asked by Joe, 85143 • Tue Nov 29, 2011
We are on the process of purchasing a short sale property. The lender (wells fargo) pre-approved 175K to buy the house. The Buyer (short sale bank) agreed to sell us the house with this price. We paid for inspection, deposited earnest money to open escrow. Closing date is Dec 7, a few days ago Lender called us and said our loan is not approve due to decreased in income ? But our income has not changed since we submitted the paper works for the preappoval . I don't get it ? I called the loan officer, she said the preapproval she did was based on stated income. Now that they review w2 they take the average of 3 years income. Are they playing game with us or what ? Should not' we be noticed from the beginning so we don't waste our time, efforts, money ? My questions is if the loan don't get approved are we losing our earnest $ ? are we going to get sued by the buyer ?? What 's going to happend ?? YOur expert advises are greatly appreciated.
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