Posted on: 02nd Jan, 2013 11:45 pm
I have been under contract on a house since November. It is bank owned property and has been on the market for a year and a half. My mortgage banker pre-approved me for the amount, that's why I thought it was ok to sign the contract. I have also paid for the pest inspection and appraisal fees. Now she is telling me that she hadn’t considered my student loans. So should I just find a new, cheaper house or try to get the sellers to renegotiate with me? They would have to take 3-4k less on the price. Do you think they would rather do that?
Hi Guest,
There is no harm in asking. You can contact the sellers and negotiate with them so that they lower the prices. If they don't consider your request, then you can look out for a new property.
Take care.
There is no harm in asking. You can contact the sellers and negotiate with them so that they lower the prices. If they don't consider your request, then you can look out for a new property.
Take care.
Once a mortgage loan gets pre-approved, usually it does not get rejected. Moreover, the reasons behind not considering your student loans earlier are also dubious. I would suggest you to take proper legal help.
I would look first try to save the deal that you have opened escrow on. Since you already have an investment into it. If the sellers will not negotiate, I would look for another loan officer. The first objective in qualifying a borrower is to calculate their income and look at their debts. Your student loans would be listed on the credit report, and then the loan officer can easily see what your debt to income ratio is. Good luck
Never hurts to ask. Maybe you can get them to pay some points or cover some closing costs that will allow you to put more down and decrease the amount of the loan. Tough dealing with this after you've invested money in the deal.