Posted by River City on August 01, 2003 at 08:39:49:
The builder’s representative is responsible for giving you a reasonable estimate of closing costs. Evidently, that did not happen. It appears the rep GROSSLY under estimated the closing costs. You will have to qualify for the home, and that means that you will have to show that you have the funds for closing in your bank account. I would move my funds from the account and place them in another account with another bank, so the mortgage company will not be able to verify them. Hopefully, you have not already furnished the lender with copies of your bank statements indicating that the funds are there.
Another action would be to tell the builder that you are going to the television crews with your story. Sometimes that will either get you out of the contract or the builder will limit your closing costs to the estimated amount.