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NEED ADVICE REGARDING REAL ESTATE TRANSACTION!!!

Discussion in 'Off Topic Threads' started by senior smoke, Jul 24, 2009.

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  1. senior smoke

    senior smoke Well-Known Member

    Joined:
    Sep 30, 2007
    Messages:
    8,169
    Location:
    Wauwatosa Wisconsin
    HELLO:
    I could use some advice from either a real estate broker or people who work in real estate. here is what has happened. a couple with 3 children under the age of 5, put there condo up for sale. they received an accepted offer. so the couple that owns the condo, put an another offer of purchase on a single family home. there offer was accepted with the contingency that their condo be sold. the husband of the couple in question is a union carpenter. his work has always been very steady. the company that he works for was waiting for a major job to start. for the past week they have had all their employees doing odd jobs at the shop, paying them their regular wage. his company now find out the company that they were going to be doing a large job for, called and said they decided to file for bankruptcy, and can't have the carpenter's company do the work. the couple who made the offer on the single family home, said that their financing was preapproved by the lender. I found out this will be an FHA type loan. what happens now if the carpenter is either laid off, or is out of a job prior to the closing? do they lose the money that they put down with the offer and money they paid for the inspector. the couple lives in Wisconsin.
    steve balistreri
     
  2. MGeslock

    MGeslock TS Member

    Joined:
    Jan 29, 1998
    Messages:
    359
    Refer to the contract.

    In Virginia, there is an addendum that say the finiancing has been 100% approved. After that has been done, the deposit is at risk.

    Most inspections are done at the cost of the person that orders it.

    Pre-Approval is worth the paper it is printed on!!

    Refer to the contract!!!

    Mark Geslock
    Licensed in the Commonwealth of VA
    Associate Broker.
     
  3. senior smoke

    senior smoke Well-Known Member

    Joined:
    Sep 30, 2007
    Messages:
    8,169
    Location:
    Wauwatosa Wisconsin
    mark-thanks for the info.
    steve
     
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