Quote:
Originally Posted by TraceyMooreRN
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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I quite honestly do not think you can really get an ounce of flesh from the developer in this situation or change anything.
I say that simply because they have sold thousands and thousands and thousands of homes and have probably encountered every scenario and I would have to think that they have evaluated every legal ramification in the many years they have built their business. I personally think..it is what it is, and probably would end up your word against the Rep's word, since negotiation on the sale of a new home is literally unheard of here.
A seller does NOT have to take VA.
I wasn't clear on FHA, but you say now that they are going to accept your FHA loan? Is this on a home you are contracting to build or a spec?
I think it boils down to that they have something you want to buy and they will sell it to you on their terms, and they can, and they have and they will.