Quote:
Originally Posted by Wayne at Pelican Parts
I'm not sure about that. The contingencies typically have to do with the bank not approving financing, not necessarily non-performance of the bank. If the title company messes up and doesn't get the paperwork back in time for closing, you don't lose your deposit...
-Wayne
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When I was studying here with Shorewood there was discussion on this topic. It is possible that a lender can promise but not have the ability to perform. Chances are slim with a reputable company, but not so for a mom and pop or fly by night operation. If you'll notice the availability and ease of obtaining a sub prime loan and %100 financing is much harder to obtain. There was also a discussion on how the funds were transfered to lenders account. A cashiers check can hold up the process whereas wiring the funds is ideal.