All Forum Posts by: Remone R.

@Maria McCreless yes that was signed.

@Joe Splitrock I agree. I asked our realtor who works for Redfin if she would take 2% instead of 3 and she stated Redfin won’t allow her to do that. So I assumed the listing agent try to take less to get the deal done. In all honesty we’ve been more than accommodating to this seller and still would like to close but I don’t know what he is doing or thinking since he hasn’t responded nor signed the termination letter. So we’re just sitting here waiting.

@Scott Anderson your right. I just figured I’d use bp to get more opinions/facts on the matter, but maybe I was wrong.

@Mike Cumbie I’ll do just that and send over to you fha/hud Guidelines while I’m there. Thanks for answering my question.

@Seth Williams attacking? Lol. Ok thanks anyway

@Mike Cumbie the contract doesn’t state how long he has to sign the term of contract but if make the request to escrow he has 7 days to respond. So just so I’m understanding what your saying..2 days before closing the seller tells us he doesn’t want to drop the price so we can close and undrrstands ge wont get our earnest money. Since we are not going to pay 8k to cover the difference we sign to terminate and move on, but in 2 days he hasnt signed and so now we should wait however long so he can be sure and do research and I’m misguided for thinking that’s not ok? He made his decision but we should wait for him to really be sure and hold us up?? I’m confused by that

@Seth Williams yes but the question you asked can be answered doing a quick search and as a agent I’m confused how you don’t know this? And I don’t mention how much our deposit was so how can that be determined what is feasible to put in front of a lawyer? Fha has different guidelines than conventional and please if you have other info to disputes this I’m all ears. Please re read my post I didn’t want to know if he could keep it but how long he has to keep us in limbo.

@Mike Cumbie no we signed all docs. And it states we are not to incur any penalty or forfeiture of deposits when there is a low appraisal. We have the option of moving forward but can walk away. Now I’m really confused how it seems there is a way to trump what hud states? I learned this on our first property when I asked our realtor to put in a appraisal contingency and he told me we didn’t need it because fha it’s automatically in there because hud won’t fund a low appraisal unless we have a written letter from them. It states this

@Russell Brazil yes we had a financing contingency but that’s wasn’t a problem we were all ready to close but the seller did not want to lower the price. I learned when we bought our first property that with fha you don’t need an appraisal contingency because hud won’t insure more than the appraised amount and you are not required to make up the difference and in turn do not lose your earnest money. The contract states that but that’s fed law. So I’m confused why folks are asking what the contract says when hud won’t fund a loan wIth a low appraisal so why wouldn’t get your emd back?

@Charlie MacPherson yes it came about 3 days before closing the appraiser took over a week to hand it over. And yes the purchase price was 268k and the appraisal was 260k. Which is exactly what I had offered the seller but he refused and stuck to 268k.