All Forum Posts by: Saeed Hadian
Saeed Hadian has started 1 posts and replied 4 times.
Post: Cancelling a purchase contract before removing loan contingency
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The info in the lisitng was false and they actually put their 2018 rents in the listing to make it more attractive. Isn't that a fraud?
Originally posted by @John Teachout:
If you are familiar with the area and know what the units will rent for, does it matter what they're currently collecting? ie, is there rent control or some other legal barrier that would prevent you from getting market rents? It doesn't sound like you have a solid footing to get out of this deal unless a mutual arrangement is agreed to. You cancelling the loan from your end does not meet the financing contingency.
Post: Cancelling a purchase contract before removing loan contingency
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I have an agent. She is the one contacting the seller.
A bit more detail on the case:
I removed my inspection contingency before. But seller just provided detailed rent estoppels and we noticed the rents she is collecting are lower. They actually went ahead and changed the listing to reflect the new rents 20 days into escrow.
I sent the cancellation letter highlighting the good faith clause in the agreement as well as the loan contingency. Yes the loan was not denied (it is an FHA loan and It was conditionally approved), but I was thinking to tell my lender that I dont wanna live in it anymore to get denied the FHA loan. But in any case the loan is cancelled now.
what is the best way to approach this?
Originally posted by @Wayne Brooks:
@Saeed Hadian Under what clause/contingency are you canceling your contract? Your financing has not been denied yet, so you can’t use your financing contingency, as of now. Did you have an inspection period contingency? I’m guessing you aren’t using an agent, if you are calling/emailing the seller directly.
Post: Cancelling a purchase contract before removing loan contingency
- Posts 4
- Votes 0
Hey guys,
I was in a contract for a duplex in California and had my appraisal and loan contingencies in place. The appraisal came at value but for some reason (finding discrepancy in rent info between listing and seller's disclosures), I decided not to remove my contingencies and cancel the contract. To clarify, my loan was not denied but I had my contingency in place. It's been a week and seller has not signed the cancellation letter yet, they don't respond to our calls or emails. I need my deposit back in my account ASAP for another purpose. Is there anyway to push the seller to sign the letter or somehow expedite this process?
Thank you.