I am working with a bank to get a home built on my land I own. I started in October with the initial application and was pre-approved with a set amount to put down. I had already paid to have plans drawn out (which wasn't cheap). Originally I had a specific amount to put down along with the equity in my paid for land. I had $20K to put down. Then the problems came. The bank and title company did not like the original title description of the land and the survey so I had to pay $6000 out of pocket to pay for that. Then there has to access to the land and existing electric and water, which we had, but it was in a spot that wasn't on the legal description so we had to pay $5000 to have the pipes and lines and meter moved. Basically our original down payment is significantly less than we originally thought. I am still waiting on the appraisal so I can see how much I need to put down. She says that we signed the disclosures stating I had X amount of dollars to put down, but that was before they started demanding access and surveys, and that money had to come from somewhere, and all I had was my savings. Anyways, I have talked with another company who says that is ridiculous and that they build the homes, get me financing and will work off of what I have in savings and my land to get my home built. Since I signed the disclosures with the bank (mind you the loan has never been officially approved) they have ordered the appraisal of the home and land. Am I obligated?
Read more: If you signed disclosures on an application at a bank for a mortgage, are you obligated to them?
