HELP! Can we loose our earnest money over this???

Tips and Deals Forums Buying Your Home Buying a Home in Bay Area HELP! Can we loose our earnest money over this???

Viewing 0 reply threads
  • Author
    • #229010

      Process has been going smoothly.* We lifted the inspection contingency and the loan was approved.* Per the advice on this forum, we refused to lift the loan contingency until we have confirmation that the loan will be funded and the transcation will close.* We double checked with our loan agent and he gave the green light to lift the last contingency on the due date (over the weekend – Sat).


      Today (Weds), the underwriter (MetLife) told the loan consultant that our loan was denied because of “property issues.” The house was purchased 3 months ago by a group of investors, flipped it and is now being sold for a lot more.* There’s also a lien on the property that the bank is not entirely comfortable with it.* Bank thinks it’s too risky.


      Will we loose our earnest money over this?? Obliviously, this is not our fault.* Our loan was approved based on OUR financial’s criteria.* Financing decline due to property issues (flip house/renovation proof, messy lien) is not our fault.


      We’re definetely frustrated and beating ourselves for lifting the loan contigency.* Should we hire a lawyer?

Viewing 0 reply threads
  • You must be logged in to reply to this topic.
Register New Account
Reset Password