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jls
298 Posts |
 Posted - 07/03/2009 : 11:23:34 AM
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| have friend that got an approve eligible fha, the house is an as is property. the property will not pass a fha appraisal. if she does not qualify for conv. is she entitled to her earnest money. |
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Kenneth Fedak
499 Posts |
Posted - 07/03/2009 : 11:32:07 AM
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| How about an FHA 203K streamline? Why will it not meet FHA guidelines? |
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slants
4978 Posts |
Posted - 07/03/2009 : 3:49:04 PM
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quote:
Originally posted by jls
have friend that got an approve eligible fha, the house is an as is property. the property will not pass a fha appraisal. if she does not qualify for conv. is she entitled to her earnest money.
Didn't the seller know she was pursuing FHA financing and that the property would likely not be eligible? If she is dealing with a reasonable seller, they will cancel the contract and release her deposit and move on to find a conventional buyer. Her realtor should have known better than to pursue this particular property if she must use FHA financing and needs to go do his/her job and get her money back. |
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jls
298 Posts |
Posted - 07/03/2009 : 6:19:14 PM
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| that is what i was thinking |
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kellamtom
1131 Posts |
Posted - 07/03/2009 : 9:45:38 PM
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| if the seller signed an amendatory clause and the property does not appraise for at least the sales price then they will get their deposit refunded |
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Pat
924 Posts |
Posted - 07/04/2009 : 05:59:45 AM
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It's up to the way the contract was written. There's probably a financing contigency date by which they need to get a mortgage commitment by. If they are unable to get financing it should cancel out the deal and they should get their EMD back.
This is all contingent on that clause being in the sale agreement, that date not having passed and nobody has provided them with a conditional mortgage commitment already.
If any of those items above are incorrect., then it can get a little sticky. |
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