Asked by Dan, New York • Thu Jul 30, 2009
I applied at 2 Banks (say A and B) for home mortgage. Both of them gave a commitment/approval letter. The Lawyer sent out the Letter from Bank A to the sellers as part of the commitment related clause in the contract. Bank A had done the appraisal before the commitment date and their appraisal value came equal to the contact value. Bank B got the appraisal after the commitment letter from Bank A was sent out and it has fallen short of the contract value by 11K. I really want to go with Bank B and am talking to my lawyer. My Realtor is telling me that I could be in a legal bind and have to do the closing scheduled for 8/7 with Bank A since their commitment letter was used. What options do I have?
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