What is the name of your state? Colorado
I have been working to purchase a liquor store for a couple of months. I applied for a loan and it was approved. We were supposed to close two weeks ago. Since then the loan company found that the income tax papers that were given to use as a basis for the loan do not match the income taxes filed with the IRS. The papers given to us show $50,000 per year more in income than what was truly filed. The seller's explanation was that it was a clerical error.
Because of this discrepency - we are no longer able to get a loan for the asking price. If they do pay the taxes, then it will go for SBA review and there is no guarantee that it will be approved.
I have also taken 4 weeks off from my fulltime job to get this business up and running. The clock is ticking and I am running out of time.
Would I have a fraud case against these sellers?
I have been working to purchase a liquor store for a couple of months. I applied for a loan and it was approved. We were supposed to close two weeks ago. Since then the loan company found that the income tax papers that were given to use as a basis for the loan do not match the income taxes filed with the IRS. The papers given to us show $50,000 per year more in income than what was truly filed. The seller's explanation was that it was a clerical error.
Because of this discrepency - we are no longer able to get a loan for the asking price. If they do pay the taxes, then it will go for SBA review and there is no guarantee that it will be approved.
I have also taken 4 weeks off from my fulltime job to get this business up and running. The clock is ticking and I am running out of time.
Would I have a fraud case against these sellers?