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Virgil - December 9th, 2007 7:21 PM

My buyer in PA gave a $5,000 earnest money deposit. After some time he informed our agent that his mortgage broker who provided a pre-approval is difficult to contact. He then used another mortgage lender recommended by my agent which did not approve his loan citing his low credit score. The buyer is insisting that he can get his earnest money as he has proven that he is unable to get his loan. I disagreed as he provided a pre-approval from a different mortgage company and he should provide a letter of rejection from this company. I placed my house off the market on the basis of his pre-approval. Do I have a strong chance of getting the earnest money?


Fred - May 31st, 2007 4:17 AM

YES, typically reports take 48-72hrs to prepare. No matter when the Buyer receives the report, they only have the amount of time expressed in your Purchase Contract to advise you if there is something they don't like about the report. Revert back to your contract, notice the time they have under the Inspection Period and mark that date on your calendar. Once this expires, in most states, the Buyer has accepted the property in AS-IS condition unless they notify you in writing before then and can no longer use the inspection report as a contingency.
Www.FredTomaro.com


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