The real estate papers you signed
It is VERY clear you keep deposit
Simple? Never
But even the most basic paper includes these clauses
Lawyer is (obviously) required though
Stress from home sale....
- Thread starter rgkv
- Start date
It is VERY clear you keep deposit
But even the most basic paper includes these clauses
Lawyer is (obviously) required though
This is all nonsense
There is no such thing as a "full approval"
Period
They will ALWAYS assess the buyer at time of mortgage, consider things like debt service ratios, etc
Even if the house is worth every penny and not over valued, if you did something stupid (eg bought a car 2 weeks before closing) the bank (or private lender) can refuse to give you a mortgage
That paper the bank gives you is pretty clear on terms
You can also view them on website
Oh another fallacy most people believe which is total bs; there is no such thing as a guaranteed renewal either
Mortgage renewal is a privilege not a right
The bank is always allowed to look at your home, your credit etc when deciding whether to extend a renewal
Not sure if you are just plain stupid or have no clue what you are talking about. Disregard what I just said, you are both,lol. It quite clear where you received your diploma. Please let us know what Bubble gum machine you got it out of.
Harsh words... and I bet there is a clause SOMEWHERE that gives the bank an out.....
Don't worry about him he is clueless
If you have any doubt on this matter ask your mortgage agent
(or if you really want read the actual book they must learn and pass to get certified, it is easily available online)
Here is a plain english article that clearly says pre approval does not even consider your ability to pay
https://beta.theglobeandmail.com/re...a-mortgage-10-things-to-know/article18064344/
#1 & #5 in particular
Once again you have shown yourself to know absolutely nothing, nothing, lol. Just goes to show I was correct, you are clueless and stupid. You provide an article which discusses pre-approvals which in the mortgage industry are only used to hold mortgage rates (should they increase) and have nothing to do with providing an actual mortgage approval to a client. All my comments have to do with someone who has actually purchased a property and receiving a "final" approval after all documentation has been provided to the lender. Of course you wouldn't know that having never gone through the process. You should really stop talking about something you have absolutely no knowledge of,which based upon all the other threads in the forum section, is everything,lol.
If you think so, considering most of the nonsense you have been posting in this thread.
As I stated above there is no such thing as an "actual mortgage approval" prior to a property closing regardless of how much paperwork you think the bank has processed they ALWAYS will look at it again before it is official
You also keep pointing to an MBS valuation for some odd reason (just using the wrong terms since I suspect you have no idea what you are yapping about)
That is strange, not once I have mentioned "MBS valuation". Can you please explain exactly what "MBS valuation" is?
It is quite clear that you have never worked for a bank or company that funds mortgages to clients. Otherwise, you wouldn't be stating the useless comments that you do. If you actually believe that mortgage lenders "ALWAYS" review all documentation (ie; income, down payment, purchase and sale agreement and appraisals if applicable, etc...) after they have been fully approved previously, sadly you are wrong. Humour me though, specifically state the process that you believe a lender goes through on an application when someone has purchased a property at 90% loan to value closing in 60 days. This should be interesting, lol.
You need to make deposit non refundable in deal and everybody signs off if not you can be in a big mess .In Markham I tell people to get 150 to 200 deposit on house ,lots of people walked away and sellers stuck need to relist house and you have a fight to get deposit because buyer has to agree to sign it over that's why you make it non refundable.
OK guys... lets cut it out.. I don't care about all the what if's... I'm worried , now that I read the star article , that I will even get the deposit let alone loose the deal.
My buddy sold his house, area not far from me, now getting a call that buyer only has 90% of the money, guess that's there way of offering a lower price.
My buddy sold his house, area not far from me, now getting a call that buyer only has 90% of the money, guess that's there way of offering a lower price.
This is in the hands of you, your buyers, the real estate agents and the lawyers. There is absolutely nothing more that anyone here can say at this point in time. Especially when no one except the aforementioned individuals are the ones involved in the transaction. If the buyers do not close and/or want a lower price, the choice is yours and yours alone to decide what you want to do.
eace: It's over!!!! Deal was Sept 5.. 6 pm closing date.. At 5 pm yesterday I couldn't stand it anymore and called my lawyer,, Guess he saw my name on his phone, picked it up and said 'Deal is done, money in your hand by tomorrow,,, go party"...:thumb:So first thing I did was get royally sucked fu**ed and jerked, and now I have other plans
lane: Life is good again
Congrats Op!! Huge success!
And as someone very familiar with the mortgage industry, and from reading some of the comments here
- some lenders have reopened even an approved mortgage and later declined. Aka hometrust were famous about this
However it is important to note that most major banks will not reopen approved mortgage unless you give them a reason to. We have a saying in the industry, once approved dont touch it and dont be dumb and do something that changes your financial position
- preapprovals in nature are worthless but it is necessary because it forces people to at least have a conservation with the bank. Can you imagine if preapprovals didnt exist? Scary stuff
- everyone should have an idea of their own credit score (beacon score). And if you are looking to buy in the future. Start prepping and planning your financial position today. Mortgage rules are tightening. Need to be prepared
- and lastly, make sure you build a good team to help you. Mortgage agent. Realtor. Lawyer etc
And as someone very familiar with the mortgage industry, and from reading some of the comments here
- some lenders have reopened even an approved mortgage and later declined. Aka hometrust were famous about this
However it is important to note that most major banks will not reopen approved mortgage unless you give them a reason to. We have a saying in the industry, once approved dont touch it and dont be dumb and do something that changes your financial position
- preapprovals in nature are worthless but it is necessary because it forces people to at least have a conservation with the bank. Can you imagine if preapprovals didnt exist? Scary stuff
- everyone should have an idea of their own credit score (beacon score). And if you are looking to buy in the future. Start prepping and planning your financial position today. Mortgage rules are tightening. Need to be prepared
- and lastly, make sure you build a good team to help you. Mortgage agent. Realtor. Lawyer etc
I feel for the OP.
I've seen people selling for over a million and now houses on the same street asking the same amount are not moving.
I can see the stress especially if now you are financially responsible for two houses with mortgages. Not sure if that is the case in this situation. I think he will likely get the deposit but unfortunately some people have accepted low deposits which makes walking away easier for buyers. Especially if they believe the price of the home is over inflated.
I've also seen cases in which deals are not going through because banks are refusing to lend the desired amount because they don't feel the how is worth the amount being asked for.
It's fucked up.
I've seen people selling for over a million and now houses on the same street asking the same amount are not moving.
I can see the stress especially if now you are financially responsible for two houses with mortgages. Not sure if that is the case in this situation. I think he will likely get the deposit but unfortunately some people have accepted low deposits which makes walking away easier for buyers. Especially if they believe the price of the home is over inflated.
I've also seen cases in which deals are not going through because banks are refusing to lend the desired amount because they don't feel the how is worth the amount being asked for.
It's fucked up.
For the most part I'm seeing houses that don't sell for around asking simply being taken off the market which is a good sign since it means we're seeing less inventory and a return to a balanced market between buyers and sellers.
Regarding deals falling thru due to lack of financing - a minor blip in the scheme of things and a natural response to the sudden change in the market. Most of these situations will have already worked themselves out by now,
