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re: Purchase Agreement deposits
Posted on 2/6/24 at 8:31 am to Dawgfanman
Posted on 2/6/24 at 8:31 am to Dawgfanman
quote:
Buyer had pre approval letter. 1 week before first closing date they asked for extension. I agreed. Agent spoke with their agent etc. Happened a second time. I agreed, agent advised that I shouldn’t but that I’d get their deposit If it happened again. When they still couldn’t close I received deposit and home went back on the market. This was in 2019. The deposit covered my carrying costs for that extra time. I believe the lender who issued the pre approval was either deceived or didn’t do much to verify before issuing the letter.
That sucks. National bank?
1
Posted on 2/6/24 at 8:39 am to Billy Blanks
quote:
That sucks. National bank?
I don’t remember, but the agent said they were “ok” when we took the offer. Second buyer after it went back on market was smooth as silk. 28 days to close I think.
Though I believe he was committing mortgage fraud and intending to use it as a rental. One of the docs during closing was him attesting he’d use it as primary residence.
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