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I have a mortgage commitment from the buyer of my house, the settlement date is Oct 29th.they are approved for the mortgage,but today my realtor called me saying that they are not approved anymore.What do I do? I have signed a lease contract for a year,also a storage contract for a year,and all of a sudden I find out that the buyer is not approved anymore for a loan,like he was on Oct 6th,2008.What can I do?

Submitted: 402 days and 14 hours ago.

Category: Real Estate Law

Value: $20

Status: AWAITING CUSTOMER ACTION

Posted by INFOLAWYER 402 days and 14 hours ago.

Info Request

Is there a mortgage contingency in the contract? is the sale conditioned on the buyer getting a loan?

402 days and 14 hours ago.

Reply

There is no mortgage contigency,no conditions on the buyer getting the loan, the loan was already approved on Oct 6th,2008,I have a commitment letter from the buyers.

Answer

If there is no mortgage contingency, then as the seller you can retain the deposit unless the contract provides otherwise should the buyer not be able to close.

Accepts:
Expert:	INFOLAWYER
Pos. Feedback:	95.4 %
Answered:	10/16/2008

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