M
mikep50
Guest
What is the name of your state? Colorado
I had an offer to buy my property. It was discovered that my house was on a mud sill and not on a concrete foundation as I had been led to believe over the past 15 years. The buyer was still willing to by, but my realtor informed me that they could not get an FHA loan on the property without extensive (expensive) foundation work. I had been told they checked with several lenders.
It took me a while to regroup, but the next day I placed several calls to lenders. My first two replies were the same - FHA loans are available on these properties after an engineer certifies the building to be stable. Mud sill foundations are common in this area and approval would not have been difficult according to the lenders.
What I am wondering is if I have the right to cancel the exclusive agreement. Line 65, 66 reads "Assisting the Seller and buyer in complying with the terms and conditions of any contract for Sale including cloinsin the transaction." under BROKERS SERVICES. I believe the Broker failed to comply with this stipulation and I have the right to void the agreement.
Am I correct?
Do I have any recourse against the realtor for aloowing a deal to fall through because they panicked and could not find readily available loans (FHA)?
Thanks, Mike
I had an offer to buy my property. It was discovered that my house was on a mud sill and not on a concrete foundation as I had been led to believe over the past 15 years. The buyer was still willing to by, but my realtor informed me that they could not get an FHA loan on the property without extensive (expensive) foundation work. I had been told they checked with several lenders.
It took me a while to regroup, but the next day I placed several calls to lenders. My first two replies were the same - FHA loans are available on these properties after an engineer certifies the building to be stable. Mud sill foundations are common in this area and approval would not have been difficult according to the lenders.
What I am wondering is if I have the right to cancel the exclusive agreement. Line 65, 66 reads "Assisting the Seller and buyer in complying with the terms and conditions of any contract for Sale including cloinsin the transaction." under BROKERS SERVICES. I believe the Broker failed to comply with this stipulation and I have the right to void the agreement.
Am I correct?
Do I have any recourse against the realtor for aloowing a deal to fall through because they panicked and could not find readily available loans (FHA)?
Thanks, Mike