Asked by Luis, Hollywood, FL • Tue Dec 15, 2009
I just received an appraisal for $50K and I am in contract with the seller (Fannie Mae) at $71K. On an investment property (Duplex). Now I haven't talked to my lender yet but if the lender was still willing to give me a loan for $71K technically can the seller still keep my escrow money? I think that the contract only says that if I canâ€™t obtain financing then I can get out with my escrow. But technically the bank didnâ€™t reject my loan. What are possible outcomes to my scenario? What if I wanted to offer the seller $55K for the property? Would it be in the sellersâ€™ best interest to take it? What if the seller says no and decides to put it back on the market what do you think I should offer the seller for the property? The HomePath program is a scam full of beurocracy and red tape. Am I the victim here? They had an asking price on the property for $74,000 donâ€™t they do any kind of market analysis before they set a price?
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