Real estate question about financing foreclosed/bank owned homes?
Short version of a question I asked earlier:
My offer was accepted on a bank owned home and the initial purchase agreement said my financing would be “in-house with 5% down” because my realtor didn’t know what we were going to do for financing yet. I provided a letter from my banker stating that I was approved for making an offer on the property, just not what type of financing we would be using. We went FHA and now the seller/bank won’t honor the agreement I’m guessing because they are expecting there to be hurdles they will have to deal with (they won’t because it’s a new house and I will pay added costs if need be).
I was reading the PA and found where it says: “buyer may obtain financing from the lender of buyer’s choice. Within 72 hrs of execution of this counterproposal by buyer, buyer will either apply for financing or provide evidence satisfactory to the seller that a lender has per approved the buyer for financing”…I did this by giving them the letter from my banker stating I was approved. The letter just didn’t say from what source or an amount but the seller did accept this letter as proof like they asked for right? So other than where it says in-house with 5% down it sounds good. Do they ever make exceptions with the right convincing?
Thanks for your help.