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Ethics and Deceit..........Can anyone confirm???
I'm involved in a transaction currently in the state of GA. Binding agreeement was Jan 8th.......due diligence done on Jan 20th. One of the special stips of the contract is that the loan had to clear underwriting, which it did before the end of due diligence as they could not give committment without underwriting approval. Another stip is it has to appraise at purchase price or higher. HOWEVER, in the process the loan broker changed companies and took the loan with him! We're way past due diligence and the terms of the loan have now changed with the new lender......my contract calls for 100% conventional loan, now they're doing a 97% FHA and want to utilize NEHEMIAH program. I'm sure you all know that means that we now have to appraise at 3% higher than purchase price for seller to contribute to the program. BUT, I'm not amending the sales price until the appraisal comes back because that would give the buyer the OUT of the contract if it didn't appraise. Of course if it doesnt appraise so that they can contribute they can't buy the house but at least my seller will get the earnest money which is really no ... more

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