All Forum Posts by: Remone R.

@Seth Williams not sure what question I did not answer. But you can do a quick google search and see that when it’s an fha loan you are not required to make up the difference despite what a contract says. Can you find info stating different? Please share

@Anthony Katsonis yea our agent isn’t real knowledgeable as we’ve found out through this whole process. But yes we have already signed to term contract, but will still close if he drops the price. I kind of feel like he wants to agents to drop their commission fees to cover his 8k he’s ‘potentially’ losing.

@Seth Williams yes we both have agents and the emd is being held by escrow. Because the appraisal came in low and the fact it’s a fha loan he can’t legally keep our emd.

So here’s the deal... We are technically under contract on a property in Texas and a few days before we were to close we got the appraisal back and it came in 8k under the contract price. Now since it’s a fha loan we know we can walk away and not lose our earnest money, but we figured the seller would not throw away this deal and just come down on the price so we could close...But we were wrong, so I think.. He stated even though the appraisal say the prop is worth 260k he still wants the 268k we agreed too and understands he would not be able to keep our earnest money. So since we are definitely not going to pay the difference we figured we would sign to terminate the contract and move on. BUT the seller hasn’t signed and it’s been 2 days now. He stated he wanted to do some research, whatever that means. My question is does anyone know how long he has before he has to sign the term of contract or agree to drop the price and close? We were suppose to close on feb.27th and never signed any extension of closing. Also we do want to close on the property but don’t want to be held in limbo as everyone is agitated at this seller at this point.

@Ronald Rohde which i want to prevent. So I think we will wait til after closing and ask the tenant if they truly want to move and make an agreement at that time.

@Ronald Rohde we have 60 days to occupy or intend too. So if we had to vacate unit 2 end of April then may 1 we take over.

@Rick Pozos that sounds like the route to go. Thanks for the advice

@Anthony Wick my lender I believe just wants to know that we’re moving in period. I stated exactly that I don’t see how ya signing a document now would hold up after closing. If they agree to vacate the tenant prior to closing then fine but to make agreement afterwards should/will be our decision.

@Anthony Wick I believe you just gave us an idea. Wondering if the seller and tenant could agree to change the lease to end March 31st with no renewal? Then I know they would be out by then.

@Anthony Wick I agree but not sure the tenant will be able to love prior to closing which is in a couple of weeks.