Manufactured home buying

What is the name of your state? New York

Back in November we signed a purchase agreement with a local mobile/manufactured home sales place after getting approval through a bank. The bank for one has been extremely slow. The home was ordered, arrived, and set up. All work on the land was done. Well, septic, slab, etc. We finally got up to the point where we have only been waiting for the bank to call us with our closing date but instead they called questioning our credit. Apparently the mortgage approval was good for only 60 days and because they took so long it expired. In the mean time the bank changed the parameters of the loan we were trying to get and they are having problems approving us again because of a past bankruptcy from 1997. If they do not approve us are we still obligated in anyway to buy the home? Do we have to search all over for a new bank that can approve us or can we back out at that point? There is nothing in the purchase agreement stating it is contingent on financing. I have tried to call local lawyers to ask but no one wants to even talk to us because they all say they have a conflict of interest with the bank or home sales place.

Thanks

[HomeGuru]

[quote]Originally posted by stones1973
[b]What is the name of your state? New York

Back in November we signed a purchase agreement with a local mobile/manufactured home sales place after getting approval through a bank. The bank for one has been extremely slow. The home was ordered, arrived, and set up.

**A: who ordered the home and why was the home set up without financing in place? Who owns the land, you or the mobile home company?
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All work on the land was done. Well, septic, slab, etc.

**A: see above. Who ordered the site and foundation work without financing in place? Was this word paid in cash by you?
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We finally got up to the point where we have only been waiting for the bank to call us with our closing date but instead they called questioning our credit. Apparently the mortgage approval was good for only 60 days and because they took so long it expired. In the mean time the bank changed the parameters of the loan we were trying to get and they are having problems approving us again because of a past bankruptcy from 1997. If they do not approve us are we still obligated in anyway to buy the home? Do we have to search all over for a new bank that can approve us or can we back out at that point? There is nothing in the purchase agreement stating it is contingent on financing. I have tried to call local lawyers to ask but no one wants to even talk to us because they all say they have a conflict of interest with the bank or home sales place.

Thanks

**A: read your contract again. There has to be a contingent on financing clause in a retail sales contract.

who ordered the home and why was the home set up without financing in place? Who owns the land, you or the mobile home company?

The home sales placed ordered it. Financing was supopsed to be in place. We had an approval, not a pre-approval. The bank said "you are all approved, as long as your situation doesn't change. All that its contingent on is the appraisal, which can't be done until the home is all set up." The home sales place owns the land. They also ordered all the work to be done on the land not us. Its included as part of the sales price on the purchase agreement.

*****

read your contract again. There has to be a contingent on financing clause in a retail sales contract.

All I can find is on the back, it says:

"If not a cash transaction: If buyer does not complete this purchase as a cash transaction, buyer knows before or at the time of delivery of the unit purchased, buyer will enter into a retail installment contract and sign a security agreement or other agreements as may be required to finance buyer's purchase.

We signed the papers for the bank loan and the purchase agreement. I can't understand how the bank can back out after already giving is an approval and all the work has been done based on that approval. This has been such a long stressful process I could care less at this point if we even get the place. Thats why I want to find out what we are legally responsible for if financing falls through.

[HomeGuru]

So read your retail installment contract.

Ok, thanks. We were never given copies so I will have to call them and ask for them.

[HomeGuru]

[quote]Originally posted by stones1973
[b]Ok, thanks. We were never given copies so I will have to call them and ask for them.

**A: when you get copies see if you signed it and look for the contingencies, then post back.

Well, I have asked for copies but have not yet recieved them. The home sales place tried to get us approved with other banks as well and there may be one that can, but we would have to start all over again. So I have another question now.

In Ny state is there a time limit on how long purchase agreements are good for? We have asked them to let us out of it since our financing fell through and we will know Monday if they will. If they wont we will be getting a lawyer, but in the mean time we were wondering how long they can drag this out going from bank to bank. We signed the aggrement on November 11th. Only after we had gotten the bank approval. In hindsight I wish we hadn't had signed it because the process started about a month early but she had "forgotten" to have us sign it. So we have been dealing with this since October really.

Thanks

[HomeGuru]

[quote]Originally posted by stones1973
[b]Well, I have asked for copies but have not yet recieved them. The home sales place tried to get us approved with other banks as well and there may be one that can, but we would have to start all over again. So I have another question now.

In Ny state is there a time limit on how long purchase agreements are good for? We have asked them to let us out of it since our financing fell through and we will know Monday if they will. If they wont we will be getting a lawyer, but in the mean time we were wondering how long they can drag this out going from bank to bank. We signed the aggrement on November 11th. Only after we had gotten the bank approval. In hindsight I wish we hadn't had signed it because the process started about a month early but she had "forgotten" to have us sign it. So we have been dealing with this since October really.

Thanks

**A: the time period should be stated in the retail installment contract.

Ah, well then I better keep pushing for that. Although if the bank had a 60 day time period on it then I would think that the same would go for us or am I off on that assumption?

[HomeGuru]

I don't know. There may be state and federal laws that apply also.

Thank you for all the help! I will let you know how this ends up.

[HomeGuru]

Ok.