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irmanali
Posts: 1
Joined: Tue Aug 25, 2009 2:11 am

Thu Aug 27, 2009 5:58 am

What happens if a loan rejection happens after the option period is up and an offer is already made? I heard FHA loans can take anywhere from 1 to 6 weeks to approve. If our option period is 10 days from today, and we get rejected for our loan 15 days from now, what happens? Do we just lose our earnest money and that's it? Or is it a more serious problem, as we've already made an offer because we were preapproved?
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Last edited by irmanali on Sat Aug 29, 2009 12:36 am, edited 2 times in total.


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Harry
Posts: 1249
Joined: Mon Feb 26, 2007 7:45 pm
Location: Citrus county Florida

Thu Aug 27, 2009 7:19 am

Hi

Where I live the earnest money (deposit) would be returned if you are unable to get financing.

What does your contract say?

Harry
Aside from the roof leak, soft floors, rats, mice and bursted plumbing ........ how do you like it?

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Greg
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Location: Weedsport, NY
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Thu Aug 27, 2009 4:30 pm

I would contact a Lawyer to find out the laws in your area. Greg
"If I can't fix it, I can screw it up so bad no one else can either."

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