What is the name of your state? PA
Pre-qualifed buyer
Offered accepted 4/22
Home inspection done 4/27
Appraisal to be ordered by 5/17
on 5/15 buyer found the interest rate to be too high for his budget- could bring the rate down by paying points, but doesn't have funds to do that and cover closing costs and down money. Buyer wants out of deal.
Sellers agent said buyer is acting in an "unethical manner" and is "not acting in good faith" because the appraisal wasn't ordered before 5/17 and is refusing to return hand money of 1k.
Does the buyer have any entitlement to the hand money?
Pre-qualifed buyer
Offered accepted 4/22
Home inspection done 4/27
Appraisal to be ordered by 5/17
on 5/15 buyer found the interest rate to be too high for his budget- could bring the rate down by paying points, but doesn't have funds to do that and cover closing costs and down money. Buyer wants out of deal.
Sellers agent said buyer is acting in an "unethical manner" and is "not acting in good faith" because the appraisal wasn't ordered before 5/17 and is refusing to return hand money of 1k.
Does the buyer have any entitlement to the hand money?