Well- the clear difference is, during the negotiation period (ie BEFORE the seller signs contract). What about specific performance? I am set to close- and thus can't because TV won't- so "technically" they are in default.
When I advised my Realtor back around 2/15 the error the bank made on the cap of FHA maximum funding--HE advised "attempt to pull from 401K, how about a line of credit". Never did he say "OMG--You can't use FHA anyway". He only attempted to have me gather funds to make the deal work. HE KNEW the situation because of FHA cap was causing me issues with coming up with funds (the difference of 25,000 vs 65,000)...
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