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Asked on February 10, 2012 under Real Estate Law, Georgia
Answered 13 years ago | Contributor
No, unfortunately the bank cannot be held responsible. "Pre-approval" is a misnomer--it does *not* obligate the bank to go through with the loan. Rather, it is merely a statement that if everything you represent is true, you should be eligible for a loan up to certain amount. However, banks do not commit to loans until after they do the underwriting. Until they finish with the underwriting process, there is no commitment, and hence no duty to provide a loan. Without a duty, there is no liability.
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