So I have a problem. I’m coming up on the last week of escrow. The place was set to go, down payment and everything ready to go. I signed disclosure and waiting on the last bit of the loan to be finalized.
Long story short-ish the seller’s realtor did not explicitly disclose that of the 7 units in the condo complex, 3 of them or owned by the same person. Because of this the bank will not finance the loan unless i come up with 20%. He told my realtor and the lender that the ratio of owner to renter was off but didn’t mention that 1 person owned 43% of the complex. Now I have to come up with $32,000 or back out. Is this legal 1 week before escrow closes? I don’t understand how he can withhold that info and just get away with it. Any advice? I will be reporting him to the CA department of real estate.