Lender backed out, earnest deposit lost

[Jamie Rosen]

Offer accepted, earnest deposit paid, contract signed, escrow opens..... lender backs out. All because he didn't realize it was a manufactured home. Yet we lose the earnest deposit, does that seem fair?!

[Scott Anderson]

Originally posted by @Jamie Rosen:

@Frank Wong Thank you for your response. The lender made it sound like he checked the home out himself so we assumed he knew it was manufactured.

 This is also a good lesson, the Lender knows only numbers. Make sure you hold their hand and walk them to COE. Only after many deals can you let them have some breathing room. Assume everybody knows nothing.