Legal Question in Real Estate Law in Pennsylvania
We put a bid on a short sale house in November, which was delayed and finally accepted in March of this year. We had a settlement date scheduled for June 20 - On June 16 my realtor called and said that Freddie Mac has changed the terms of the loan, namely, the purchase price to $6,100 higher. Can they legally change the terms of our signed loan agreement like that?
1 Answer from Attorneys
Short sales require the acceptance by the lender, not just the seller. If the lender approved the short sale but did not have the consent of Freddie Mac, the sale may not have been fully approved. Loans that are insured by Freddie Mac probably also need the consent and approval of that company.
The "increase" in the price may mean that the sale would not be approved unless it were for an amount $6,100 more than the amount that you offered.
The realtor should have been more familiar with short sales and advising you accordingly.
Consult a lawyer with experience in these types of sales.
This response is not legal advice, since I do not have all of the information that would be required, and I do not have a representation agreement with you.
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