Can we back out of a land home package if we feel that the d

hpotter · Joined: 27 Oct 2007 Posts: 1 1.36 Dollars($)

We are in the process of a land home deal with a manufactured home and land - we were at the table with cashiers check to close the deal and they realized that the title information on the land we were purchasing was incorrect and needed changing - we are now waiting on old divorce papers and are getting tons of pressure from the mortgage company that we have to close this by the end of the month or start over. I don't like the pressure and have taken time to closer review the whole deal - and little things are really starting to bother me - Can we still back away from the deal??

livinginnky · Posted: Sun Oct 28, 2007 9:37 am Post subject:

hpotter,

Welcome to the forums!

You can always back away from a deal before closing. After closing you can only back out on refinances and that is within 3 days.

So if you don't feel comfortable, tell them what to do with it. The lender probably just wants his/her check. I'm trying not to be judgemental but if the title isn't correct why would you, them, or anyone want to close? You... wouldn't... they....want their check.... anyone else... wouldn't close. So you see it is hard not to be judgemental when someone is trying to force you to do something you don't want to do.

By the way what would be so bad about starting over? So what, you have to get new paycheck stubs, which you have anyway, a new bank statement, shouldn't be a big deal. What changes if you don't close? Probably nothing except when the LO or lender rep gets paid.

If you get any additional information you would like to add just let me know. But as I stated above... If you don't feel comfortable then don't close... It's as easy as that.

Best of luck!

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi hpotter,

If you don't like the deal you can back away from the deal. If the title information on the land is incorrect, you should verify it thoroughly. Only if you feel good about it, you can go for the closing.

Thank you,
Larry

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