Ratings. Guidance. The Right Lawyer.
Looking to purchase first home, bank preapproved. Then upon appraisal, will not finance. We have to be out of our rental.
Green Bay, WI
Viewed 123 times.
Posted 7 months ago in Contracts / Agreements
Flag as objectionable
Bank preapproved us at 250k for a home loan. We signed to buy a house for 171500. House property tax appraisal 2008 was 169800. Seller refinanced last year with appraisal of 178000. Original appraisal came back at 171000. Seller agreed to sell at this. Underwriting at bank disagrees with comps, has reviewed. Review comes back at 159000. Unless we pay 12k, which we cannot, will not loan. We are looking at other banks. But we must be out of our duplex end of month as rented out. What recourse might I have with the bank due to their inabilities?
Additional information
We now may have to rent elsewhere until we resolve the sale. Anything. Just very upset and truly believe the bank did not like the debt to equity they were getting into and decided to play the way they did. Answers (1)
Erik Glen Swanson
This attorney is licensed in Illinois.
Posted 7 months ago.
Flag as objectionable
You almost certainly don't have any recourse against the bank. They don't have a duty to loan money to you, or anyone else. A "preapproval" is not a guareentee.
Disclaimer: This answer is provided as a public service and as a general response to a general question, it is not meant, and should not be relied upon as specific legal advice, nor does it create an attorney-client relationship.
Back to Search Results
Next question: Social Secuity Benefits and Child support Previous question: what is the time frame you have the mediation before the trial |
