Need some advice on this stuff I’m dealing with.
I got with a realtor and found a home I liked. Told her I’m a newbie, but I’ve been trying to get educated on the basics. We did a walk through, did the inspection(housemaster) and I took a trusted friend who has been working on homes forever. He let me know that it’s modular and they cut corners big time. He said if I buy it, the resell will likely be bad news.
I went ahead and signed off saying I’m taking it as is. Two days later, my lender called me and said the county is calling it manufactured/mobile and that my loan will be denied. I knew that it’s modular and took this as a sign to get out, because I was hesitating but signed off. Rookie mistake. The lender is also new to lending, which I did not know and found out today.
And then I get called again and I’m told I can get a conventional loan for modular but I told her I just want out. My realtor is telling me we might have to get an attorney involved because i signed off on taking it as is, but my closing isn’t until March and I haven’t been approved for a loan(yet).
I put down 1k earnest and did my 450 inspection. Can I back out and only lose this money? The lender even mentioned she would have to word her denial a certain way and I immediately got worried about this. I’m not trying to get sued.
I learned my lesson with offering too high and too quick and now I just want out, even though I’m fully prepared to pay for the home.
A google search is telling me I can back out before closing but I wanted to ask you all anyway.
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source https://www.reddit.com/r/RealEstate/comments/evxyxo/first_time_buyer_and_being_naive_ks/
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