My wife and I were recently in contract to purchase a home. It was supposed to close on May 3rd. Our lender found out that the property was a below market rate home on the 1st of May. Since then we have been trying to find a way to get the house, financially qualify, as my wife started paternity leave on May 6th. The BMR was not disclosed to us and now the seller is threatening to take our deposit. The seller has been anything but helpfull to make this transaction close. They have put an incredible amount of undue stress on both my wife and I. I'm curious as to what type of legal action I can take against them as they clearly lied in their disclosures by not stating the home was a BMR home. I am a United States service member and could us any help. Thank you in advance.
1 Answer from Attorneys
You should have a competent real estate attorney. The first question that I have reading the post is whether the contract was contingent on you obtaining financing for the purchase. An attorney cannot determine that without reviewing the contract.