Asked by Tammie Jenkins, California • Fri Jan 25, 2008
the process of purchasing a condominium in Gardena California. I was pre-approved for 100% financing on a 30 years fixed. I made an offer that was accepted on Jan. 3. The seller made a counter offer and a day after I signed the counter offer, my realtor called me and told me that the lender who pre-approved me for a loan went out of business.
On the purchase agreement, the loan contingency removal is within 14 days and the close of escrow was supposed to be on January 31. I just got a call from my realtor yesterday saying that they got me pre-approved, which is 11 days after the contingency period. They also went up on the mortgage insurance, which added an additional $114 on the note and much more than I want to pay for. In addition, the closing date has changed to Feb. 11. Am I entitled to getting back my earnest money of $3,000? I also paid for the inspection report @ $250. Please advice.
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