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Message
re: Real Estate Baws - In here
Posted on 5/28/20 at 9:16 am to StealthCalais11
Posted on 5/28/20 at 9:16 am to StealthCalais11
Still during inspection period, they can walk for whatever reason they prefer.
People make offers sight unseen all the time and utilized the Inspection Period to walk if it’s not to their liking.
People make offers sight unseen all the time and utilized the Inspection Period to walk if it’s not to their liking.
1
Posted on 5/28/20 at 9:32 am to Jizzamo311
quote:
during inspection period, they can walk for whatever reason they prefer.
^This
During the inspection period the buyer can cancel for any reason, or no specified reason without penalty (and have deposit returned).
After the inspection period, then they would have to show proof of inability to secure financing. They can also get out if the property does not appraise for the purchase price at this time.
Posted on 5/28/20 at 10:35 am to jbgleason
quote:
It’s almost pointless to even have a contract and deposit.
That's exactly what I said. In any case I got the denial letter shortly after posting the thread and just signed the release of escrow.
I was banking on them having lied about trying to secure financing and then being stupid enough not to back out for for something to do with inspection.
I still think if I wanted to be a real prick about it I could wait out the inspection period then insist they apply with USAA, but it may be sufficient that they were denied at Home Bank. At this point though, that path takes a lot more time and is a lot less certain.
Posted on 5/28/20 at 11:18 am to CptRusty
quote:
They've kept me under contract for 9 days now and the deposit is $2500.
9 days? Dude, move on
Posted on 5/28/20 at 11:50 am to CptRusty
I was on the other side of what your're dealing with. Had pre-approval letter, found house, made offer, offer accepted, earnest money paid, and closing date set. A week before we were to close, underwriting called and started asking some questions from a previous years tax return, and they killed the deal because I couldn't provide what they wanted.
I had already negotiated with the seller to purchase the majority of the furniture he had in the residence, so I had to go and move the furniture and put it in storage, I also told the realtor to give him the earnest money which was $2,500; this was a second home he had for work, and didn't want to take the furniture. Luckily he sold it in about a week after it went back on the market.
I always wondered why they don't do the full underwriting review before they pre-qualify you.
I had already negotiated with the seller to purchase the majority of the furniture he had in the residence, so I had to go and move the furniture and put it in storage, I also told the realtor to give him the earnest money which was $2,500; this was a second home he had for work, and didn't want to take the furniture. Luckily he sold it in about a week after it went back on the market.
I always wondered why they don't do the full underwriting review before they pre-qualify you.
Posted on 5/28/20 at 1:23 pm to CptRusty
quote:
I still think if I wanted to be a real prick about it I could wait out the inspection period then insist they apply with USAA, but it may be sufficient that they were denied at Home Bank. At this point though, that path takes a lot more time and is a lot less certain.
If they canceled in writing during the inspection period for any reason, you would be wasting your own time.
quote:
I always wondered why they don't do the full underwriting review before they pre-qualify you.
Because they're a bunch of bastards. I fricking loathe bankers.
Posted on 5/28/20 at 1:54 pm to CptRusty
We see this all the time
Long story short, if still in the inspection period then buyers can basically cancel for anything. Fair or not....
You should follow Stout's advice on this one from earlier in thread
Long story short, if still in the inspection period then buyers can basically cancel for anything. Fair or not....
You should follow Stout's advice on this one from earlier in thread
Posted on 5/28/20 at 1:56 pm to Norla
Because people dont want their credit pulled before getting under contract .... theres a "time period" where its acceptable otherwise buyer ends up with multiple pulls and can hurt their credit rating
Posted on 5/28/20 at 2:50 pm to jbgleason
Correct buyer will get their deposit back under inspection period
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