Contract Required
On a recent home purchase, the lender required I put down 25% vs the 20% in my contract. Am I liable to close?
I recently signed a purchase agreement where it stated that I would apply for a mortgage with 20% down. The lender came back and stated that due to lack of collateral, they required 25% down. I refused, they denied my mortgage. Now the seller is stating I must close the deal or forfeit my deposit. Am I liable to close the deal?
Most sales agreements stipulate that the sale is contingent upon you obtaining financing. If yours does then you could not obtain financing and are not obligated to purchase. If you believe he will pursue you anyway you should retain a real estate attorney to defend your interest. Opinions here a not anywhere near the value of a letter from an attorney telling the seller the legal status of the sale agreement and that he will be sued for damages if he pursues this any further.
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