Urgent advice needed on FHS loan/Short sale close

Guest

Dear Community members,

I hope someone can give me with quick advise here. Here is my story:

I did an offer on a house in South Florida(Boca Raton) in May 2009. This house was listed as a short sale and it needs a Kitchen/baseboards and some internal doors. I put down 5K down payment back in May with the offer and to deliver another 55K down (Tot = 60K) once the offer gets approved. I had to wait 5 months till September till the offer gets approved and I had to write another check for 55K to the escrow account to comply with the terms of the offer.

Now I went with the 203K loan rehab product because the house could not be approved under conventional loan because they required a functional kitchen. I worked with an experienced FHA broker who described all the procedure needed and she has done quite good job on informing all parties of the process. To move forward with her procedures I had incured some cost for FHA specific consultants amounted to $1000. The total expenses I incured so far are close to $2500 because I hired a designer to the kitchen modeling. Now after I got the paper work completed, general contractor assigned and we come to closing, I was informed by the listing agent that the lenders (Wells Fargo) require another $10,000 becuase they just discovered a mistake that there was two loans on the property. They are already signed a contract with me back in Sept 09. I really put so much work into this process and I have been so patient with them locking my money in escrow account for the sake of getting the house. And now they are changing there mind.

My questions:

Can they legally walk away from the contract?

What if I decided to walk away, who will pay for the costs I incured and the interest I lost on the money?

I really worked so hard for this and I really regret all the time and energy I put into it.

Thanks and your reply is appreciated,

thewretched02 · Joined: 23 Jun 2009 Posts: 115 23.90 Dollars($)

barood, While i'm sure some of the more knowledgable forum mebers here can give you great advice - I wouldn't trust it as gospel.

With matters like this it's really best to get one on one professional help before making any decisions. I hope you get some great ideas from the community - sorry but I don't trust my own knowledge sufficiently to venture an opinion on something this important - please don't make the mistake of assuming that it's correct.

Take any advise you get here with a grain of salt and use it to inform your questions with appropriate legal counsel.

Good luck.

Guest

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