I gather you are based in U.S. and wondered if you could throw any positive light on my situation. I went on an inspection trip to Orlando in July with a large property Co. with a view to looking at some villas, but once there, realised that Villas were not a good investment option, and was persuaded to look at some condo's. The one that the Company put me up in, was very nice indeed, but way above my budget.
I felt uncomfortable with the subtle, but not willing to take NO for an answer Sales Strategy. I decided to walk away from the Company and offered to leave the apartment they put me up in and told them they were showing me places that were way beyond my budget, so the rep then told me they had a resale condo which was within my price range, and they assured me that I would not find it difficult obtaining a loan Although I told them my salary was not very high, but have equity, in my two properties in U.K.
I was introduced to two finance companies by them, who have so far failed to secure me the loan of around £100K, but have not actually come back and give me an answer either way. I have supplied them, with all the information they have requested, and the closing date has been extended twice. I am really at my wits end, but the property Co. seem so determined not to lose the sale, that they will not listen to me when I tell them I want to pull out of the sale, as I cannot get a loan. They keep hoping they can get me one, once the Sub Prime problem is cleared up, but it looks like it is going on for a lot longer than anyone anticipated. do you think there's any hope of me getting my money back ? It does say in the contract that if buyer fails to secure finance, deposits will be returned. I really do not know what steps to take next, and would appreciate any advice from anyone more familiar with the U.S. mortgage/housing market.
Many thanks
Coralpink
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