All Forum Posts by: Diana Zelada

Quote from @Kevin Sobilo:

@Diana Zelada, you have to read and understand your sales contract? Are you working with a real estate agent because THIS is where they add value for you?

Actually, switching lenders could nullify your financing contingency. If your contract said you were using a specific lender and you switch then depending on how its worded your contingency might be nullified because you can't be denied by the lender stated on the contract.

The lender didn't go out of business, YOU are choosing to follow your mortgage guy to a new lender.

On most sales contracts, the most a seller can do is force you to forfeit your deposit. Have you discussed doing that with the seller? That is the point of putting up a deposit in the first place to forfeit it in a situation like this.

Hey!! Thank you for your response!

So I am not choosing to switch lenders. The lender we were originally working with said he no longer works for the bank who was giving us the loan. So now he is advising us to work with a new lender and fill out a new application to get pre approved again. Will this be a good reason to get out of the contract with no penalty?

Good morning, 

I have been looking for chances to be able to get out of a real estate contract on a house I wanted to purchase but later on regretted. The seller is very difficult to deal with and he is refusing to help me in a way way possible, he wants to sell me a house for $370,000, however the recently sold homes right beside it have been sold for around $330,000. They told me I had no way of the contract as of then. However, this morning, the lender called me saying he no longer works for the company and they are switching lenders. They are transferring all my documents over to the new lender, but I have to submit an application all over again. Would this be considered a financing contingency? Would this be a good reason to be able to get out of the contract without penalty? Thank you!!