Q: bank is not giving me commitment unless property is sold and car loan paid off. what happens to my deposit
new purchase is contingent of sale of ny home. seller's agent did not want that language in the contract and is not flexible with the strict timeline of the purchase contract. the sale of the ny home is still within 45 day to buyer's having their commitment.
A:
No way to say for sure without first reading your contract documents. It appears that you are selling a NY property and then buying a Florida property. It makes total sense that a lender will not make a loan commitment to you until you sell the NY property. Most likely you would not qualify for two loans, as not many people can.
consult with a lawyer in the county where you are buying the Florida property as to your Florida contract.
1 user found this answer helpful
A: In Florida, all of the terms of a Real Estate Contract must be in writing, so if the Purchase Contract does not state that the purchase is contingent upon the sale of your NY home, then it isn't. Hopefully your Purchase Contract has a financing contingency. If you don't qualify for financing within the Purchase Contract timeline, let your lender deny your application so you can get your deposit back. If you hold out and you are not able to meet your obligation under the Purchase Contract, you will lose your security deposit. Best of Luck! Jennifer
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