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What happens if my home loan doesn't go through?
I'm in the process of trying to buy my first home.
The building inspector said it had to be treated for termites, which cost $3,200. The realtor went ahead and the home was treated for termites.
My question is if my loan doesn't go through and I can't buy this house, who is responsible for paying for this expense?
Thank you for you answer.
3 Answers
- ?Lv 78 years agoFavorite Answer
The seller is responsible for this. Its (still) their house and this is an expense they had to incur to sell it to anyone (if your loan doesn't go through and they sell it to someone else its not like the new buyer wouldn't demand it be done). In fact I assume the seller already paid for it (or will when they get the bill), you just make sure the job was done right.
- AnonymousLv 68 years ago
It depends on who ordered it done.
If you contracted the termite guy, the you pay. If they owners did, then they pay.
- realtor.sailorLv 78 years ago
Somebody jumped the gun. If repairs were the buyer's responsibility, they shouldn't have been completed until you had loan approval. If you don't get the loan, you're out $3,200.00.
Source(s): I'm a Realtor
