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Answers (4)
- Samuel Falvo, "samfalvo"
- Contributions:25
You should be able to get out of that if you had a sales contract that had a protection clause (mortgage contingency) Your lender should have checked that as soon as you found a place. First thing you do is to see if the project is FHA approved
- Annette Levinson, "Annette Levinson"
- Contributions:200
Do you have a mortgage contingency? If so, have your lender issue a denial due to colleteral not acceptable.
- Mike Bjork, "MortgagePlannerMike"
- Contributions:346
Many times there are contingencies put into an offer, which you will have a specified amount of time to release (it's typically about 17 days here in CA) them. This contingency period allows you to make sure everything is in line (financing, the property's condition after an home inspection, etc...). Assuming you have these contingencies in place and have not yet released them, then you should have full right to receive all money refunded; of course, you'll need to review your contract to verify the information.
- Mike Smith, "mikesmithebby"
- Contributions:5
Read your contract and see what it says about the property being acceptable to the lender.
I contacted a fha lender and realtor showed me a condo over 55
now they tell me the condo is not fha approved after I gave the money and now the seller wants 2 months maintance fee
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