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Happens all the time. Happened to me when we were just about to close the deal on a heavy fixer up in Lake Arrowhead (Mountain vacation home) the day we were going to close. This was a Fanny Mae house, they owned the home and pulled it right out from under us and ours was an all cash offer with no contingencies. I was pissed. No explanation, nothing needed on their end.
Most banks dislike loans on fixers. Liability it often too great when owner decides to walk within the first couple years.
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