Question by TheGoodGuy: Can I back out of a loan application, without being sued?
My sister is purchasing a house but she is hearing different things. First,they tell her she will not have to pay a down payment, then they tell her she have to pay over 7,000 dollars. Now they saying she have to pay an additional $ 2500.00. She want to change her mind but they say that they can sue. Can they do that if she has not signed her closing papers?
Best answer:
Answer by getrd2go
She needs to ask her Realtor…in most cases you have three business days to change your mind after contracts are signed…The most they could probably do is keep any deposit she has put down, unless there are other contingencies listed in her purchase and sale agreement. She may want to go have a free consultation with a real estate attorney, they could advise her of her legal rights.
*we found out the day of our closing that it was going to be $ 2400 moe than their good faith estimate, but we went ahead and did it because we really wanted the house…so I am not positive on how to get out of it. But in selling our house, I have found that people have gotten out of the contract without losing any money and us not having any legal rights to pursue. Good Luck wish I could be more help:)
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Federal law requires you have a 3 day right of recision on mortgage contracts.
It’s good that she hasn’t signed her closing papers. But she needs to read any other papers if she signed any. She should have signed something when she paid the $ 7,000 dollars. They can’t just take the money – she had to have signed something. Read it over carefully to determine if she can change her mind and how many days she has, etc.
Good Luck!…..)(