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I talked to my mortgage officer and no, it can't be done either. The loan has been approved and commitment letter was issued. There is no way for the bank to back away and deny the load now, as the mortgage officer told me that the bank could get suit if they do that.
BS. Call them right now and tell them that you and your spouse have just lost your jobs. Tell them you hope to be working soon and wonder if you can still be approved for the loan. See how fast they pull the commitment from you. Your mortgage officer is an ahole and is just looking to get paid.
Why on earth would your attorney have gone forward without a seller's disclosure? I thought it was REQUIRED? If this is some sort of malpractice maybe you can use it to light a fire under him/her to help you with this now. Is the whole area in a flood zone? You can look on FEMA's site to see if people around you have been able to get the zoning for their houses changed. Maybe you would be able to do the same.
BS. Call them right now and tell them that you and your spouse have just lost your jobs. Tell them you hope to be working soon and wonder if you can still be approved for the loan. See how fast they pull the commitment from you. Your mortgage officer is an ahole and is just looking to get paid.
i agree. my mortgage guy was awesome and told me if i needed out, it was no problem to say i no longer qualified. as a matter of fact, the day i was suppose to close they told me i didn't qualify and i had to send them a newer pay stub. (i'm hourly). so they can take away your approval any time they want!
Why on earth would your attorney have gone forward without a seller's disclosure? I thought it was REQUIRED? If this is some sort of malpractice maybe you can use it to light a fire under him/her to help you with this now. Is the whole area in a flood zone? You can look on FEMA's site to see if people around you have been able to get the zoning for their houses changed. Maybe you would be able to do the same.
Sellers disclosure is not required. I didn't have one when I bought my house and well a couple unpleasant surprises but not enough to sue over. Sellers disclosure is optional. In the world of real estate law, the buyer has very little recourse against a seller for non-disclosure. You are buying it, you have an inspector, etc. I'm not saying it is right, I'm saying that's the way it is. You have to prove fraud which is not easy to do. And in the vast majority of the cases is not equitable to go after a seller due to attorney costs. The costs of litigation could easily exceed the damages.
Last edited by MoorestownResident; 11-01-2008 at 04:58 PM..
I don't understand anybody making an offer without first getting a property disclosure form. Seems to me that is the first thing a prospective buyer asks for before making an offer.
i agree. my mortgage guy was awesome and told me if i needed out, it was no problem to say i no longer qualified. as a matter of fact, the day i was suppose to close they told me i didn't qualify and i had to send them a newer pay stub. (i'm hourly). so they can take away your approval any time they want!
I called my attorney and he said that all the bank has to do is to call my company's Human Resource Department and confirm if in fact I am about to lose my job or not. HR Department can not lie under the law. The bank will not change the approval decision to denial. Unless it is true that I am really losing my job, which the bank will no doubt take away the denial. I am not an hourly employee either.
Sellers disclosure is not required. I didn't have one when I bought my house and well a couple unpleasant surprises but not enough to sue over. Sellers disclosure is optional. In the world real estate law, the buyer has very little recourse against a seller for non-disclosure. You are buying it, you have an inspector, etc. I'm not saying it is right, I'm saying that's the way it is. You have to prove fraud which is not easy to do. And in the vast majority of the cases is not equitable to go after a seller due to attorney costs. The costs of litigation could easily exceed the damages.
That is my understanding as well after talking to my attorney, that seller's property disclosure is not required. I did not ask for it because it is the first time I am buying a house. Next time I know better.
I don't understand anybody making an offer without first getting a property disclosure form. Seems to me that is the first thing a prospective buyer asks for before making an offer.
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Some sellers refuse to provide a disclosure. You agent always should ask for it. Most of the time the seller refuses to fill one out. Should be a warning sign as plenty of issues could pop up later.
C'mon time to get creative. I would think "spending" your downpayment money would be a good first step.
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