Loosing Earnest/escrow deposit
Forgive me for being new here and completely ignorant. I enjoy bigger pockets and decided to invest in real-estate figuring the best way to learn was to just jump right in as I often hear in the podcasts. So not knowing anything I decided to get preapproved for a house 2 hours north of where I live, as where I live is too expensive and desire to move up there someday. I currently live with family to save and limit liabilities. I did everything required for a home purchase, put 2k in escrow and did all due diligence but at the very last minute, my lender denied me because they forgot to mention that buying as a secondary home I need to put 20% down or have a higher credit score. Now I am told I will lose my 2k, but the seller will give an extra month contingent I put another 2k down and seek another lender, should I cut my losses? I am past the original contract date and hate the idea of losing 2k, am I able to fight it to at last split the escrow evenly. I understand the seller has incurred costs and knowing this I would have never gotten involved in lender had told me so originally. I am sure I can get approved from a more local lender my realtor has recommended but to complicate it, even more, I received a more lucrative job offer in management with much better pay and hours. Would that affect everything or should I cut my losses and try again in another few months? I really do want the house.