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01-13-2009, 04:31 AM
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What happens if my buyer doesn't accept the mortgage
that a lender is willing to give him? Buyers had 30 days from the signing of contracts to secure firm mortgage commitment.It was in a rider our lawyer added. It stated that they would get a mortgage for a specific amount "at the going rate" of the day it is issued. Also the buyer had to notify the seller if they received a commitment or not within the 30 days.They did not.The buyer may have received the mortgage commitment and turned it down cause they didn't like the terms.n default at end of this extension We are being told the bank switched the terms on them after the fact and they weren't able to afford the payments. Is this the seller's problem? The contract had an "on or about"as a closing date. The buyers went beyond 30 days to secure financing. WE were told they forfeited their contingency and therefore went into a binding contract. Is this true? Our lawyers set a Time being of the essence date for the last time for closing. We gave them 2 extensions.They still have no mortgage. Will they be in default at end of
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01-13-2009, 06:40 AM
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depends on the wording in the contract. the buyer typically doesn't have to accept a loan that is bad, just because it was offered.
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01-13-2009, 08:40 AM
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The buyer does not have to accept it.. if you agreed on the original contract and they changed it even though it went past 30 days, under no circumstances can they FORCE you to accept it. The contract changed, therefor the agreement changed.
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01-13-2009, 10:05 AM
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get rid of your lawyer.talk to the buyers yourself.ask them if there is a problem.maybe you both can work it out.aside from you lawyer being the problem.if you decide to keep your lawyer.get a flat rate for his fee.to be paid only after the sale.the closing will be the next day.i have been there more than once.
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