I'AM WATING FOR THE UNDERWRITER TO APPOVE THE LOAN IT'S TAKING FOREVER. IN THE MEAN TIME THE AREA HAS WENT DOWN. I WOULD LIKE TO KNOW IF I

Asked by Dorothy Johnson, Florida City, FL Mon May 10, 2010

COULD CHANGE MY MIND ANE GET MY DOWN PAYMENT BACK?

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Alma Kee, Agent, Tampa, FL
Tue May 11, 2010
If you're at the stage where you're waiting for your lender's underwriter to approve your loan, your cancellation period (inspections) has probably expired.

If you have a standard FL contract you may risk losing your deposit--unless you are unable to qualify for the mortgage.

Ask you Realtor to review your contract. And... if you are a first time homebuyer or long-term homebuyer, you will not get the $8k or $6,500 if you buy a different house.

Good luck!
0 votes
James Gordon…, Agent, Hamilton, OH
Tue May 11, 2010
Dorothy if the area has dropped that much in the time an underwriter is looking at your file I would be worrried. How much did the are drop while you were looking at homes? Normally an area drops at a steady rate not just overnight. What is the real issue and I doubt if the seller will let you out of the contract because of buyer remorse. What does the Realtor® that is representing you in the transaction advise?
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Richard Schu…, Agent, Los Angeles, CA
Mon May 10, 2010
Dorothy,

It depends on your contract and contingency periods, and at what point you're at in your timeline. If you are working with a buyers agent, they would be the person you should ask about this.

But if you truly love the home, also make sure you look at the comps closely. Go over the comps with your Realtor too. Are you sure you're not just seeing some outlying exceptions showing the market "going down" - do you know the conditions and specifics of those properties? While it does sound like you're waiting a long time, I'm wondering how long exactly to see any remarkable difference in the market.

It is common for banks to be taking longer with loans now too... so do realize this isn't unusual.

Good luck!

Richard Schulman
Keller Williams Realty
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