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Did Seller Use Mortgage Approval as Excuse to Back Out?
Did Seller Use Mortgage Approval as Excuse to Back Out?

Did Seller Use Mortgage Approval as Excuse to Back Out?

Hey there, folks! So, let me tell you about the rollercoaster of emotions I’ve been on this week. I was all set to move into my dream house, contract signed, settlement ready to go, and then bam! Plot twist – the sellers terminated the contract out of the blue. Can you believe it? Apparently, they didn’t get the mortgage approval from my agent on time, so they decided to pull the plug and return my deposit. Talk about a curveball!

Now, here’s the kicker – my agent dropped the ball big time. He had the approval sitting in his email for ages but just never hit send. And to make matters worse, the mortgage broker had been on his case, reminding him multiple times to get it sorted. You can imagine the livid phone call I got from the broker – yikes.

Naturally, I’m not thrilled about the whole situation. It feels like the sellers saw an opportunity to back out for whatever reason, and they took it. I’m now out of pocket for the inspection and appraisal fees, which is not exactly chump change, you know what I mean?

The broker tried to reach out to the sellers’ agent to get some clarity, but even they claimed to be blindsided by the whole thing. It’s a real head-scratcher because up until this point, they were all gung-ho about fixing things that came up during inspections and had already done a bunch of repairs.

So, here I am, left with a mix of frustration, confusion, and a whole lot of questions. What should I do next? Any advice or similar experiences to share? I’d love to hear your thoughts. It’s like being on a wild ride that I never signed up for, but hey, that’s life, right?

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