Legal Question in Real Estate Law in Iowa

Just Now that I am close to my $3,400 & that I had till the 10th of this month to come up with it , they had called me to sign a few papers and a property disclosure . So i did sign those papers that also states the down payment amount. NOW, the call me to say that I need to come up with $2,500 additional to the $3,400 because of my credit even so when they had already approved & I was within there numbers and qualified. I am completely devastated because there's no way I can come up with that ammount in less than 8 days.. They asked me to move the date of closing but I'm risking loosing the home I've been preparing for two months now to buy. Is it possible that since the disclosure I signed stated $3,400 and it doesn't say that is subject to change, and they never in these two months said that number could change and my loaner assured me that with the $3,400 as downpayment was good enough that I can get them to settle for the initial Downpayment with no excuses.


Asked on 6/02/15, 1:46 pm

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

It is not clear who "they" are, nor is it clear what those few papers are. I see by your zip code that you are in one of those areas of Iowa where attorneys are not exactly welcomed in real estate transactions. You have the right to hire an attorney to represent your interests--not the bank's attorney, not the document preparation "attorney," but your own real estate attorney who is looking out only for you. Hire one and get to the bottom of this.

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Answered on 6/02/15, 2:06 pm


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