Asked by Jjcsd, Taunton, MA • Sat Mar 14, 2009
I am in the process of purchasing a home. We were supposed to close on March 9th but the week before when my husband and I went to go to the house to measure, we discovered all the pipes had been stolen and some damage to the house occurred. We love the house (and it is a foreclosure), so we're sticking through with it. The seller (bank) is going to have the pipes replaced and the damage fixed. The question I have is, I'm still waiting for our bank approval even after the supposed closing date, will I lose my deposit? Supposedly I have been approved, but the house has not (meaning they haven't said yes or no). We sent in an extension for the mortgage contingency but I believe that has expired. I'm afraid that the house will be rejected for the mortgage and I will lose my deposit. Because the bank (my mortgage bank) is taking so long to approve my 203k (we're only asking for $13,000 to fix up the house) could I still lose my deposit if it falls through?
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