Good afternoon this is Chris Berger your Hudson Valley realtor and it’s time for a Berger Point.
You know going into a closing, a lot of people don’t realize this, but once the buyer sits down to the table and is signing the mortgage, we kind of refer to as your commitment for life, when signing it.
Actually though, what happens is you do have three days of rescission.
What that exactly means as the buyer is signing for the mortgage, if they decide a day and a half later, two days, up to three days, they can cancel the mortgage and cancel the whole deal.
Now, it depends what happens with their original down payment.
That remains to be arbitrated between the two parties and the agreement that they had originally.
However, I actually had that happen to me.
My couple sat down, was in the closing office and
The bank upped the mortgage rate.
They raised it three quarters of a point.
And our attorney said to her, you don’t have to go through with this.
You have three days to decide whether or not you want to, because this was presented to you at the last minute.
And it was really a practice that is not allowed anymore.
Not like that. So, but it did happen.
And my client did decide to go through with signing it.
She was saddled with approximately three quarters of a point more that she had to pay.
So just remember, the house is not yours until all the paperwork is signed and dotted and three days has passed.
That’s my point for today.
***
I’m wearing my Paul McCartney hat. This is the first hat that I got when I saw him in 1996. So it’s just an awesome memory that I have.
I decided that every time he tours, if he’s in the area, I’m going to see him.
Actually, I’ve seen him seven times.
And I get a hat for each concert.
Enjoy. Be well.
