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Tina
Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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I have been in the process of buying a house since December

Customer Question

I have been in the process of buying a house since December 1. I have very good credit (mid-700s) and have paid the earnest money (check cashed). I am waiting for the closing -- and extension was done and the last day is Friday, 2/26. Today, I got a call that there are a couple of "snags", I don't know what they are yet. The house costs $23,000 as-is, this is what I made the offer on. I want my son to do the repairs because that is what he does for a living and I was going to do this out of pocket and take my time. An additional $22,000 was added for repairs because it was difficult to find someone to write the mortgage for such a small amount ($23K). Then, it became an issue that my son was doing the work, this is what I said from day one. I don't think any outstanding debt should be a problem -- when I move from Michigan to Kentucky, there will be a dramatic decrease in the cost-of living. I am packing up to move. What recourse do I have?
Submitted: 9 months ago.
Category: Real Estate Law
Expert:  Barrister replied 9 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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I am not quite sure what you mean by "What recourse do I have?".... recourse for what?

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Are you asking what happens if they deny the loan?

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Are you asking if they have to give you the loan?

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Are you asking if you can get your money back if the loan doesn't go through?

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If you can narrow down your question a bit, I should be able to help...

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Is there any financing contingency in the contract?

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thanks

Barrister

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