Dear Sifus,

Pleas shed some light on my below situation.

I spotted this property online and contacted the seller without any agent. So the process been going on without any agent intervention. After direct negotiations we agreed the final price (500K) which is for sure lower than the selling price around that area (no agent involvement).

last week I paid 3% earnest deposit for this subsale double story house. Paid to the vendor's lawyer and the final clause says exactly: EARNEST DEPOSIT SHALL BE FULLY REFUNDED TO THE PURCHASER IN THE EVENT THAT THE LOAN IS NOT APPROVE PROVIDED THAT THE PURCHASER PROVIDE AN EVIDENCE FOR THE SAID MATTER FAILING WHICH THE EARNEST DEPOSIT SHALL BE FORFEITED BY THE VENDOR.

2 days later I happily went to 6 banks with complete set of docs.
All the banks did valuation check the same day and told me selling price approximately 80-100K more thn market value. I said in that case I won't be able to buy the property as I'm a first time house buyer and I need 90% loan. I have strong credit record and good salary. But they are saying it's not due to my profile but to the property value where it can only be financed up to 70-80% of the selling price. I asked for loan rejection letter to reclaim my deposit all the banks refusing me to give the rejection letter cause they did not process my application at the first place. I feel trapped systematically.

I already lose my sleep past few days due to this issue. If I agree with the bank to continue with a lower amount (80-90% amount) and bring the letter offer to show their lawyer that I didn't get 90% loan I afraid very much my earnest deposit 'll be forfeited as in this case the loan might be defined as approved even tough not up to 90%. Seriously I have no money to top up if they were to give only up to 80%.

I have 14 working days from 2/10/12 to sign the S&P or show the rejection letter. My hard earned savings on the line.

Plz help me. May God bless you guys.