My wife and I signed a contract to purchase a new home in August of 2005.  Since then, our finances have suffered because of unexpected medical expenses and a prolonged illness in the family, requiring our assistance.  While the new home has been constructed like we dreamed, we have been declined for financing because of our debt ratios and because we could not come up with the down payment because my spouse has been helping her parents extensively and unable to earn a steady income.  The construction company has given us two weeks to come up with financing, or forfeit our earnest money, approximately $34,000.  I've worked with several different companies and all have declined our financing.  The home was constructed in VA.  After re-reviewing my contract, I did not find any financing contingency in there that would refund my deposit if my financing was declined ... it appears that the builder has insured that they could keep the deposit under all circumstances.  Do I have any remedy?
135059
that is usually a no-brainer clause in a real estate contract, that and if the home doesn't pass inspection (high repair costs).  Your agent should have included that in the contract when submitting your offer.\n\nThe problem is if it is a new development, often they have their own agents doing the sales, so they probably aren't including any nice back door clauses like that.  \n\nBut, your house has probably appreciated in value since your offer, so the builder might be happy to get out of the contract, too, so they can sell it for more.\n\n---------------------------------------------------\n\nOkay, this is a longshot, but contact www.naca.com   they are a non-profit housing advocacy group.  they really aren't geared for people in your situation, but they hate real estate bloodsuckers and they might be able to strong arm this builder or recommend a decent attorney, or stage a picket in front of this development.    NACA got their money from a predatory lending settlement against Fleet bank and now they do their own loans.  Good luck, $34,000 is a lot to lose...
193284
There is such a thing as No Money Down financing.  I did thatabout two years ago.  You have to pay an additional insurance payment each month.  We refinanced after a year, and the value of the condo went up, so the insurance payment is gone.
607727
There is this concept called "caveat emptor" which means "buyer beware". It essentially means that courts are going to place buyers with the responsibility to ask questions about things that look out of place when buying a home. Since you saw their belonging on top of crates and didn't ask "why", this may be used against you but I doubt it. (Was there anything else that was obvious something was wrong iwth the house?--if so, you are gonna have a hard case).\nBut besides this concept, I am going to say "yes" you have a case for fraud. Please remember that there is a statute of limitations (meaning the end time when you can sue) for fraud, depending on your state statute which is typically 2 years from the date of the incident which I suppose in your case would be when you viewed the home. \nWhat would even strengthen your case is if you directly asked them, with a witness of course, "Are there any problems? Is there any damage?etc.---something along those lines" because then you can point to the previous owners as directly committing fraud on you. However, if the owners simply did not say anything about the sewer system and you didn't ask any questions like this that required and received an affirmative answer, you might be in for a harder fight.\nConclusion- Gather your facts more specifically and consult your state statute for the time limit on the staute of limitations.
512494
Sounds to me like they are playing games with the mortgage industry.\n\nIf I were in your shoes I would be leery also.  \n\nThe biggest drawback of FHA is that your home may not pass their inspection and you could be forced into making improvements that you do not want to pay for.\n\nHow desperate are you to sell?   I would definitely question the inflated sales price (btw, you do realize this will effect the amount of transfer tax you pay, title insurance, etc. etc.).  If the purchase agreement states conventional mortgage and that is not what they are getting they are in breach and you should be able to terminate the contract.\n\nAs always, go see a lawyer to make sure of your legal obligations and rights.
157096
First you have to put your home back on the market and sell it again to someone else.  If the house sells for a lower purchase price than the previous deal then you can demand that the difference be deducted from the deposit provided by the first buyers and any remaining balance be returned to them.  If the house sells for more than the previous deal then you have to instruct that the entire deposit be returned to the first buyers, since you had no damages.\n\nThe foregoing assumes that:  (1) your original contract with the first buyers did not address the issue of a default by the buyers; and (2) that you did not default under the original contract.  If the original contract addressed the possibility of a default by the buyers then the contract will be controlling.  If you defaulted (for example, refusal to make agreed-upon repairs) then this whole mess is going to court and anything can happen.
136345
Depending on the type of loan you need for your new home, you need to have a DTI (debt-to-income ratio) between 45-50% opn average for a purchase. It makes sense to refi your home to ensure you are prequalified to purchase the new home. It is difficult for a mortgage broker to provide you with a preapproval letter (usually required by a Realtor to prove to a seller that you are a ready-willing-able buyer) unless you meet this DTI guideline.  However, ask what your DTI is and ask that to see it on the application. Worst-case-scenario (although unlikely) and if the mortgage broker is unscrupulous and your DTI is fine, they could be trying to get two deals out of one.  It is very common to recommend a refi prior to listing your home for other reasons as well - for example if you find your dream-home and you put in an offer, but your current home hasn't sold, your purchase offer will have to have a 'contingent upon current sale' clause. This could become a heart-breaking 'deal-breaker' if your home doesn't sell before the offer expires. A seller cannot be expected to hold the sale for you, while you are waiting to sell your home. Also, it is good to have the cash from your refi in the bank (or better yet, invested) as 'reserves'. This makes a lender feel more confident in lending you money for a hew home, because the extra cash removes risk by showing you could cover your new mortgage payment if for some reason you were to become unemployed. I hope these three reasons help you become more confident with your broker. I know it is scary for everyone, and the media only makes it more confusing for consumers. I commend your questions!  Keep asking, information is free!
503105
There is a specific loan product for your needs.  Not all lenders have access to it because it is what is called a "portfolio" loan product.  \n\nWhat happens is that you get the plans and specifications for the improvements and they are submitted to the appraiser so that the property may be appraised based upon completed value.  \n\nThe loan is treated the same as a construction loan in that funds are disbursed based upon work completed.  There must be a licensed general contractor overseeing the project.\n\nI am a mortgage lender with more than 20 years experience and my bank, a national bank not a .com, offers this product as its specialty.  I can loan in all states and will be happy to answer any of your questions.  My name is Nancy, my toll free number is 800-971-4638 ext. 223.
510392
The senario you describe happens too often.  The problem is this - the seller has the house off the market (it's under contract, so he can't just sell to someone else), and the current buyer is telling them "I know it's past the contract closing date, but just give me until next Tuesday and we'll have it all together....." \n\nSometimes the buyer DOES get it all together and close, and if they do, it's better to wait a few extra days than to start new with a new buyer.  Sometimes they don't, and the seller ends up pretty angry that the first buyer dragged it on..... First buyer spent $ on inspections an appraisals already, and maybe the seller already spent $ on repairs to try to make this first deal happen, which adds to the pressure to continue with it.\n\nHere's what you need to do.  Have your agent submit your offer again, and include the TREC Addendum for "Back-Up" Contract.  This form basically says..."If the first deal dies by ______ (date), then this contract takes effect."\n\nYou do need to actually negotiate the terms, price, etc. as if the house was available to you right now.  Both buyer and seller SIGN the contract and addendum, and the earnest money and option fee get delivered.   Title companies are hesitant to receipt another contract once one is already there, so maybe the checks and contract need to be held by the listing broker.\n\nThe seller still has the right to extend the first deal as much as they're willing to keep trying, but if your offer is better, then the seller would be wise to stop giving the first buyer so much time.\n\nGood luck, hope this helps.  Tell your agent he can contact me if he wants, but probably his broker would tell him a similar strategy.\n\nOh yeah, also put a time limit for a response from the seller.  And make sure you've got a really good pre-aproval leter from your lender.
513420
The buyer CAN sue for performance.\n\nYou really messed up!\n\nGood Luck!  You are gonna need it!!!  Maybe something will happen along the way and the buyer will not want it.\n\nHere's a tip:  Depending on your state, if termites are a problem then if you can get them to get a termite inspection then the results have to be reported to the state and if it is deemed necessary that repairs are made before the buyer can get financing and you refuse to pay for repairs then you may just get yourself out of this deal.  But note that once the inspection is done the results are kept on file so when you want to refi or sell the repairs will have to be made.\n\nOh, and this wasn't a nice thing that you just did to your agent.  You probably signed something with them that stated that if you did this then they would still be due a commission.  At this point it might not be worth it to not sell.  Change is good.
599495
If all contingencies in the contract have been satisfied and the seller is just refusing to close for no legal reason then you can sue for specific performance.  But keep in mind that this option will cost a lot of money and will take months and possibly years before it is resolved.  The only circumstances under which I would recommend proceeding with this lawsuit is if:  \n\n1.  you have an awful lot of time and money; and\n2.  you either absolutely love the house and have to have no house but that one OR the contract purchase price is so incredibly low that you would still end up with a great deal of equity after spending thousands on legal fees.\n\nIf you don't qualify for 1 and 2 above then the best thing to do is find another house.  Get yourself a real estate attorney (if you don't already have one) and get the seller to give you some money (in addition to returning your deposit) in order to make you go away.
45744
Call or write to your lender as soon as possible. Clearly explain the situation and be prepared to provide him or her with financial information. \n\nFor FHA Loans: Contact a HUD-approved housing counseling agency (1-800-569-4287 or TDD: 1-800-877-8339).  \n\nIf you are having difficulty with an uncooperative lender, call the FHA Loss Mitigation Center at 1-888-297-8685 for additional help.\n\nFor conventional loans:  Talk to your lender about specific loss mitigation options. Work directly with him or her to request a "workout packet." It may be that your loan was purchased by a secondary lender such as Freddie Mac or Fannie Mae.  Fannie & Freddie require that mortgage servicers to explore workout options with you.  \n\nIt's important to remember a few helpful hints: \n\nExplore every reasonable alternative to avoid losing your home, but beware of scams. For example, watch out for: \n\nEquity skimming: a buyer offers to repay the mortgage or sell the property if you sign over the deed and move out.\n\nPhony counseling agencies: offer counseling for a fee when it is often given at no charge. \n\nDon't sign anything you don't understand.\n\nBest wishes to you and your son.
9253
As one attorney always told where is the foal? If this has hurt your credit, or damaged you from consideration for the new rental unit, you may have a case and my suggestion is to contact a an attorney who knows real estate law.\n\nGood luck
57580
Yes and no.  Have you already passed your attorney and inspection period?  Have you already gotten a mortgage committment from your Lender?  If you have answered "NO" to any of these questions then those can be your way out.  Look over you residential contract closely and review those portions of the contract.  If you dont want the house b/c of a negative inspection, the attorney is not comfortable w/ the contract terms, or you did not qualify for your loan under the terms stated in the contract then you may be able to get all monies from escrow.  If not, then you may lose escrow as well as owe penalty fees to your lender for processing the loan on which you defaulted.  Please retain an attorney or speak with your real estate professional.
644055
find a partner you can trust ,search around private sector for financing partner don't jump in  make contract iron clad for instance 50% financing for %49%ownership  for ?10 years        this is not a financing offer!!! looking around your state is generally better   make sure your contract i s tight  observed have lookal police check up on you occasionally  to make sure contract is observed this is only an idea
105649
If you have the contract and the deposit ticket you can sui them, but sometimes it will cost you more depending on the lawyer and the time, but you'll finally get your money back. If the deposit is less than you could invert in time and lawyers, just forget about it, though if you want to teach them a lesson, they should build your house for free!
601681
Howdy. I live in Texas and have had a few real estate dealings. It sounds to me like you don't have much of a case. If you signed the FMV form, that's all that necessary, since the lender usually fills the thing out and submits it to you for approval. The lender's signing is an implied agreement, given that they provided the value figures on the form. Remember, lots of things in the Texas Constitution have been amended by legal precedence over the years, without those cases being included IN the Constitution.\n\nEven if you have a leg to stand on with no actual second signature, I would bet that a judge would side with the lender in your case, simply due to that old standard legal mumbojumbo that says "this is what is commonly accepted as proper legal practice".\n\nYou might also want to check with your original lien holder to see if they have any input on the lender who holds your second lien. Sometimes, these home equity folks tend to be a little shady in the way they do things. If you call them on it, they may back down from foreclosure or give you some alternatives to losing your house.\n\nGood luck, whatever you decide to do.\n\nFiveStarAuthor@aol.com\n\n(I've edited several books on real estate, so I actually do know something about this subject, though I'm hardly an expert.)
159611
Typically FHA does not approve loans directly to the public.  You can find FHA financing at most banks, savings & loans, or other mortgage lending institutions.\n\nOnce the file has been fully processed the lenders direct endorsement underwritier will review & approve or decline your loan request.\n\nIt's not uncommon for a govt loan to take longer than conventional financing as the govt does have certain requirements that may be more time intensive.  However it should not be too much longer.  If your file has been in processing for more than 30 days the loan officer you are working with should be able to tell you a current status.  He/She should be able to let you know if there is a current stumbling block.\n\nSorry cloudjmc, if she was approved, then declined it was likely a property issue.