Is that true?

[mocity]

florida----My husband and I are in the process of getting a home. We paid to get a home inspection and an appraisal on the home from a mortgage company we were working with but later on found out we didnt qualify for the loan. we tried to get a loan from other companies but the payments are too high for our budget. as a result, we informed our real estate agent that at this time we are unable to get a mortagage payment that we can afford and we would like to terminate our contract on the home. our realtor told us that we would be getting a bill from the owner in which we are supposed to pay a binder fee that we never paid when we signed the contract on the home. please note that in the contract it says we paid a binder fee when in actuality we never did. he also said that we had to pay for a survey that was done to the home. are we obligated to pay the binder amount considering we were unable to secure the proper finances for the home?

 

[HomeGuru]

florida----My husband and I are in the process of getting a home. We paid to get a home inspection and an appraisal on the home from a mortgage company we were working with but later on found out we didnt qualify for the loan. we tried to get a loan from other companies but the payments are too high for our budget. as a result, we informed our real estate agent that at this time we are unable to get a mortagage payment that we can afford and we would like to terminate our contract on the home. our realtor told us that we would be getting a bill from the owner in which we are supposed to pay a binder fee that we never paid when we signed the contract on the home. please note that in the contract it says we paid a binder fee when in actuality we never did. he also said that we had to pay for a survey that was done to the home. are we obligated to pay the binder amount considering we were unable to secure the proper finances for the home?

**A: no, unless you agreed to pay a non-refundable binder no matter what and even if the deal does not go through.