Widgets Magazine
Results 1 to 2 of 2

Thread: Post-closing Question

  1. #1

    Default Post-closing Question

    We were just having a discussion at work. I think I know at least part of the answer but since I know there are at least a couple real estate experts on here I'll ask.

    Let's say you closed on a house. I believe, as with many contracts, that a mortgage has a 3 day right of rescission clause. But if you back out of the mortgage aren't you still contractually obligated to complete the purchase of the house? So what happens?

  2. Default Re: Post-closing Question

    If you don't like the terms of the mortgage, even within that required 72 hour window that they first send you the closing disclosure before closing, you can still back out and get your earnest money. I know cause this happened to me once. Bad deal.

    But once docs are signed sealed and delivered, you are committed.

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Staples closing 225 stores across the US...Radio Shack closing 1,100
    By SoonerDave in forum Businesses & Employers
    Replies: 28
    Last Post: 03-07-2014, 04:26 PM
  2. I have a "Texas" question and didn't know where else to post it...
    By TeriOKC in forum Current Events & Open Topic
    Replies: 10
    Last Post: 09-09-2011, 12:35 AM
  3. Ace Closing
    By stick47 in forum Yukon/Mustang/El Reno
    Replies: 3
    Last Post: 12-14-2009, 10:46 AM
  4. Targetted Oklahoma Post Offices for Closing
    By venture in forum General Civic Issues
    Replies: 14
    Last Post: 08-15-2009, 02:39 PM
  5. AOL OKC Closing in Jan?
    By jmlewis1 in forum General Civic Issues
    Replies: 23
    Last Post: 12-07-2006, 05:48 AM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Single Sign On provided by vBSSO