Asked by Coxst, Birmingham, AL • Wed Jun 30, 2010
Our ReMax contract has a clause stating no matter what the rest of the contract says, we would not lose earnest monies or pay any other penalties if the VA did not provide us a notice of valuation of at least the purchase price. The contract included â€œmust close byâ€ date of 6/30. We set a closing date & the bank sent the paperwork, even though they had not received the "clear to close". On the day of closing, the bank canceled the closing saying the appraisal had issues. The bank pres provided a letter for the sellers indicating they had final credit approval on us & were only waiting on satisfactory collateral (i.e., the appraisal & underwriting of such). The closing delayed several days, and the underwriter declined saying the appraisal did not meet their standards. The bank tried another underwriter (investor). About 10 dys after the original sched'd close, the sellers said they had enough & they took the house off the market. They are keeping our money. Can they?
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