This gets more frustrating by the day
It turns out my mortgage company won't fund any loan towards a condo in this community. There is just to much uncertainty with the condo development because there are 14 more buildings that still have to go up and have no guarantees that it will be finished. So they denied our loan, which I don't blame them. So this may seem like we have our out! Buttt........
.....upon closer reading of the contract, way down at the bottom it states (paraphrased)...
"If the buyer is denied a mortgage from a lending institution the seller has two options. (1) to return the buyers deposit and let them out of the contract based on contingency, or (2) Seller may select a lending institution for the buyer to apply for a mortgage."
Now, stupid me for signing a contract that has this clause. Pretty much negates the contract being contingent on loan clause because obviously DR Horton has Wells Fargo in their back pocket and would approve a homeless wino with twelve kids just to allow DR Horton to get rid of the property.
After this is all said and done, we are getting the condo for the price we agreed upon with an average rate (6.31) so I should be happy. But I'm not because I feel taken advantage of. I mean, how can Wells Fargo give a proper appraisal of the unit when to get the value it is using comps in which they also appraised and gave loans for in the same building?????? Isn't that sort of a conflict of interest? Aren't they basically committing some sort of fraud by inflating the prices in the community in order to benefit DR Horton and themselves??? ahhhh I don't know, they are sending out the appraiser today or tomorrow so we'll see what it comes back at.
With all that said, I signed a contract and I'll go by it.
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