Quote:
Originally Posted by Snake Doctor
Not to defend these people or what they did, because my philosophy is caveat emptor......BUT.....I will say that it's very hard to walk away from a closing table.
You spend months trying to find the right house, you pay out of pocket to have inspections done, appraisals done, all sorts of shit like that.....if it's not your first house then you've already sold the house where you were living.....if it is your first house you've already given the landlord notice and he's likely already rented the place to someone else.....so if you walk away because the broker changed the terms on you at the last minute (that happened to me once) you're out all of the money you've paid already, plus you have nowhere to go and need to find a place ASAP.
In cases like these the brokers/lenders are at least partially at fault.
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I agree and understan. My brother had this happen. He gave notice at the place he was living and they had new renters ready to move in. He had signed the preliminary contract on the house then it came back a week later that the bank had not accepted the terms eventhough they had already agreed on them before they were now changing their minds. So they go a different bank with new terms, higher interest, higher payment and higher selling price on the house and he felt like he didn't have any other choice. He did have a few weeks until he had to move out he could have put everything in storage and rented a small apartment for he and the family, but he wanted the house so he accepted the terms. He paid way too much for the house and his payments were outrageous. He shouldn't have bought it, but he did because he felt pressured.
I think if the broker pre-approves the terms then at the last minute changes them you should be able to back out and they should have to pay you back for all the money you have put out for inspections, appraisals etc.