AboutJessica Bryan Expertise buying and selling process such as: General questions from first time buyers How to market a home Why choose a REALTOR How do I find a REALTOR Should I consider buying or selling without a REALTOR--how much can I save Should I remodel or move How much can I expect to gain by fixing up my home before selling Helpful tips when selling Helpful tips when buying finding a good mortgage loan what is the difference between banks, mortgage bankers, and mortgage brokers Questions from the general public, people thinking about getting their real estate license, newly licensed. Fellow professionals who have interests in networking and how to get started What is a market evaluation and how does it differ from an appraisal what are the different loan programs services a REALTOR can perform when to use a lawyer when to use escrow what are the regional differences in the buying and selling process what is the MLS and how does it work how can the layman access information on the web--listings and other information These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.
Experience Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.
Question I live in Michigan. this morning I signed an offer to purchase real estate.(I am the seller) I agreed to sell my home due to the fact that I received a pre-approved letter from countrywide mortgage. After I accepted the offer to sell I contacted countrywide to get a letter of commitment so I could place an offer on a home. Countrywide backed out of the original preapproved amount and gave a letter of commitment for substantially less. With the amount that they are now stating that they will lend we can not make a move that is worth giving up our currant home. Can we cancel our sale agreement based on this.
Answer Dear Charles;
It depends upon what the contract states. If the offer to purchase was based upon the Buyers obtaining financing then the contract will be cancelled. However, the Buyers may have an option to find another loan and if that is the case and if you mutually agree that they can pursue that option, there is no reason to cancel the contract yet. It all depends upon what the contract says, how confident you feel that they can get a loan, and how much you want to sell the home to buy the other one.
I suggest that you have an attorney look over the contract if you have further questions about your legal obligations and rights.
