Home Loan fell through and now company will only give me partial of my downpayment ?

Asked by Rgrv3, San Marcos, TX Thu Jul 7, 2011

Home Loan fell through and now company will only give me partial of my downpayment because they want me to pay for surveying fees that came up when we were trying to buy land & home purchase through Palm Harbor.

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Tommy Burris, Mortgage Broker Or Lender, Baton Rouge, LA
Mon Jan 9, 2012

The sales contract determines who is responsible for the survey costs
It is negotiated along with the sales price.
0 votes
Blaine Dunlap, Agent, Kerrville, TX
Mon Jan 9, 2012
Getting a survey done is one of the last items done before closing, especially on a residential property. By the time the survery comes in you should have many days and be working with your mortgage broker.
It is now very common for the seller to furnish a survey and then to sign an affidavit to accuracy.

For folks reading this trying to stay out of trouble. A - Have the seller furnish the survey. B- Don't do one until the mortgage is approved. C - Find an exsisting survey D - Work with a Realtor
0 votes
Rgrv3, Home Buyer, San Marcos, TX
Thu Jul 7, 2011
We closed only to have them come back a couple days after to tell me my credit score was lower therefore unable to extend the loan. The survey was because the land had to get replatted? Shouldn't that be the owners of the land expense since they are the selling the land?
0 votes
Dallas Texas, Agent, Dallas, TN
Thu Jul 7, 2011
All is based on the executed sales agreement what can or can't be refunded. Confer to your buyers agent for assistance

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes
Tommy Burris, Mortgage Broker Or Lender, Baton Rouge, LA
Thu Jul 7, 2011
Sounds like you bought a survey.

You would want a real estate attorney read your contract for you, but i dont think you will be happy with th results.
0 votes
Gerard Carney, Agent, Spring Hill, FL
Thu Jul 7, 2011
Oh well that is how the cookie crumbles, you made them do items they expect to get paid, I'm sure the contract you signed outlined expenses you may be responsible for even if you do not get the property!
0 votes
Don Groff, Agent, Austin, TX
Thu Jul 7, 2011
Read your contract. They may not have to give you anything back and are being generous. It's hard to speculate not having all of the information. It is typical for a builder to keep all of a down payment if a borrower walks away for any reason... that is whey they ask for a down payment. If nobody had any skin in the game it's hard to know if a buyer is really serious.

Read your contract if you feel you should get a full refund but that is very unlikely.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
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