Monday, 15 September 2014

Buying a home in Calgary? Don’t do this after getting a mortgage pre-approval

I represented the seller of a condo and the buyer had the conditions of condo doc review and financing. A week went by and on the day the financing condition was to be removed I received a call from the buyer’s Realtor saying that they need an extension of 10 days for financing – “oh and by the way, we haven’t even started the condo docs since I want to make sure the financing went through first.” When I asked why 10 days, since that is a very long time to extend, she said that her client co-signed a car loan for a friend and the lender will no longer approve the mortgage because of this. The buyer needs to find someone else to co-sign the car loan so that the buyer can be removed from this obligation. Last I heard the buyer did find someone to replace him as co-signer and they’re waiting on the lender to resubmit the application.

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