Asked by John, Texas • Sun Aug 3, 2008
My questions is regarding 4(A)(1) of TREC 20-7 (TEXAS). If a buyer has gone through a local mortgage broker, been approved for financing, but the lender refuses to finance the purcahse becasue the home is listed as a condo and not a single family residence (home), and the selling agent is attempting to push the buyer to use "her finance guy" who will do the deal (but does not have the buyer's file and can not guarantee the terms), and the buyer refuses to go through the seller's lender...Upon termiation of the contract by the buyer under 4(A)(1) (Property does not satisfy the lender's underwriting requirements for the loan), should the buyer get their earnest money back? Seems to me becasue the mortgage borker has tried seveal lenders, the buyers are approved for financing, and the property is not satisfactory for the lender, that the buyer has done their due diligence and should get their money back?????
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