Same. I have neighbors thanking each other for sewing bandanas into masks. It's exhausting to watch.
I have friends buying first house and they announced the lower interest rate after they started the loan process, they're supposed to close early April. The mortgage lender told them that if they redid the loan at 0% instead of the rate they have at 3% that theyd have to reoffer on the house and would then lose their earnest $ from the first offer. I find this to sound like complete and utter bullshit.
They were locked in at 3 or 4 %
>>8571227>>8571227
I dont know how they would redo any of it…scrap the first offer and start all over?
How would they do it? Scrap the first offer and start all over?
My friends are scared to lose the deal so they are programmed to just do whatever the asshats at the mortgage company say they have to do
I'll tell ya, I got letters from every single place I owe $ to outlining how theyll help people right now and Covid19 crisis blah blah blah. EXCEPT for my lawyer…that fucker already added on an extra $10 in late fees and sent another bill yesterday.
This is what they told them:
That we'd have to start the whole process over. Although my lender isn't in possession of my $5,000 in earnest money, the title company is and per the sales contract we signed we only had 10 days from the date we signed it to secure financing or back out. Starting all over we'd lose that money and the seller could back out because of added time. We'd be in breach of contract at that point.
This is how they explain it to me:
That we'd have to start the whole process over. Although my lender isn't in possession of my $5,000 in earnest money, the title company is and per the sales contract we signed we only had 10 days from the date we signed it to secure financing or back out. Starting all over we'd lose that money and the seller could back out because of added time. We'd be in breach of contract at that point.