Loan Contingency Issue w/ Realtor

[Juan Ayala]

BP Fam,

Want to know your thoughts and what i should do with the following; currently under contract on a condo in San Diego to occupy. I did not mention to my realtor that i needed to refinance my previous property in Los Angeles to free up my VA loan entitlement for this condo in San Diego. Realtor found out eventually through my lender, which i thought was no big deal. I did not think to mention the re-fi to my realtor, since i was working with my lender who is taking care of my new purchase in San Diego and refinancing in Los Angeles. We are now waiting on my re-fi to appraise and cutting it extremely close to my loan contingency expiring. Now my realtor is saying that since i did not disclose the re-finance to her, I am no longer covered under the loan contingency if my appraisal for my re-fi does not go through. This according to someone she asked and explained my situation. I wish i could replace my realtor since we feel like she is not on our side throughout this whole process but think its too late. Looking for your thoughts and maybe RE attorney referrals to help? Thank you as always!

[Wayne Brooks]

Huh? What you “reveal” to your agent has No bearing on the financing contingency terms Already written into your contract. However, this may have caused them to not have included a proper financing contingency. You Certainly should make your agent aware of everything, but it Certainly doesn’t change anything Already in the contract.