Real Estate Law
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Hello, I am a tenant and signed a contract to buy this house and placed funds into escrow. I also proved to the seller that I have the down payment for the mortgage. I am disable with MS and this house is easy for me to get in and out. Can the seller still show the house if it is in escrow? and I provided proof of down payment?
Hi, my name is XXXXX XXXXX I will be glad to assist you,
1. Does the Contract contain a clause saying that the saleis contingent on the buyer obtaining a mortgage loan ?
2. If so, does the contract say by what date the buyer must get a commitment from the lender ?
1. Yes. The sellers agent has a statement from the bank saying I can be approved for the mortgage.
2. The lender just received the documents. Now they can do the credit check and such. No.
do my answers help,
Hi, Linda, Thank you for your reply and your additional information, and yes, your answers help,
Since your down payment is in escrow and the lender indicated that there will not be a problem approving you for the loan, the seller's agent should have stopped showing the property. He should be preparing for the settlement, rather than continuing to show the property. In fact, once the prospective buyer's money is placed in escrow, even if the lender has not yet indicated any positive action on the buyer's loan application, the broker has no right to continue to show the property to anyone else.
Congratulations and I wish you a smooth settlement,
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