and the loan doesn't go through, what happens?
2007-09-22 10:44:51 · 8 answers · asked by gigi_victory 3 in Business & Finance ➔ Renting & Real Estate
Try another lender.
Make sure your contract was contingent on ability to obtain financing, or you may lose your earnest money.
No loan, no home.
2007-09-22 14:13:39 · answer #1 · answered by godged 7 · 0⤊ 0⤋
No deal , obviously , no loan , no home purchase .
Back to square one for the seller .
Most deals are contingent on the loan ,
And some are contingent on the buyers sale of their home .
Depending on the contract , you may or may not get your deposit back .
What did your agreement say about the deposit ?
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2007-09-22 17:50:47 · answer #2 · answered by kate 7 · 0⤊ 0⤋
Depends if it was written into the offer. My last home offer had several contingencies built in. If they didn't come through OK, the deal was off.
Was ability to obtain financing one of the contingencies?
2007-09-22 17:51:02 · answer #3 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
I would read the contract you have and consult your Realtor or Attorney. Timing can be "of the essence" with these things, so it's best to find out soon. Some contracts state that if you don't notify the seller in writing within the prescribed amount of time, you lose your deposit or earnest money. Check with your Realtor or Attorney.
2007-09-22 20:40:15 · answer #4 · answered by Jackie M 3 · 0⤊ 0⤋
nothing. no loan, no house, no sale.
the seller starts over. nothing happens to you. you just say sorry. if you put money in escrow and your offer was not contingent on loan approval then I guess they could keep that escrow money, but that would be unusual.
2007-09-22 17:52:43 · answer #5 · answered by G-man 3 · 0⤊ 0⤋
then you keep looking for a loan before the money is due,but im not a pro thats just my guess
2007-09-22 17:54:35 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You don't get the home.
2007-09-22 18:18:13 · answer #7 · answered by SoAZ Gal 6 · 0⤊ 0⤋
try getting another lender, if that doesn't work your out, if you cannot get financing you get escrow money back
2007-09-22 17:55:41 · answer #8 · answered by jeanniep 5 · 0⤊ 0⤋