Newsflash: Realtor and Lender pushing me to move forward with home purchase after I was let go

Last Monday, I was informed that in 90 days my job would be eliminated–its a mass layoff situation, bummer but oh well. I am also supposed to close on a new house this week. Obviously, I informed my lender and agent hours after receiving the news. They both have said that as long as my employer confirms that I am still “technically employed” then I will be approved for the loan. This made me do a full Scooby Doo–because this seems unethical to say the least, but potentially also illegal?I am going to speak to a lawyer tomorrow but I wanted to share with this subreddit to see if this is a common practice. A few more important details:I have made it clear that I do not want to move forward with the home purchase. I have run the numbers and while I can make a case for moving forward, I don’t feel comfortable doing so. Period. My lender and agent have known this since last Monday but have continued to pressure/incentivize me into moving forward (e.g., putting less money down, telling me that this is a good way to get into a the rental business…etc.). My agent also kept reminding me that I would lose my earnest money (duh). My lender also said “you can tell me and [agent’s name] anything, we can then decide what we tell the underwriters…?!My agent and her Team Lead called me earlier this evening and said that because I will be approved for the loan, I now MUST close on the house OR will be held liable all of the repairs we asked for after the inspection. Which according to the seller’s is around 20k. I told them “ok, send me where in the contracts I signed that it says that.” and then promptly hung up. I haven’t heard anything from them yet. But it feels like this is them trying to scare me / strong arm me into buying the home. Am I crazy? Can the lender keep this information from the underwriter? Is there a way I could be on the hook for repairs they agreed to do?

Read more at https://www.reddit.com/r/RealEstate/comments/1cwx6ml/realtor_and_lender_pushing_me_to_move_forward/?utm_source=ifttt

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