When people are in the stages of purchasing a house, they are overwhelmed with so much information they do not realize they can back out. I believe this is based on a couple of things: communication and failure on the part of the consumer to read thoroughly all the documents. On a typical refinancing contract, consumers have three days in which they can rescind the agreement. If you are a broker and a customer came back to you and was very uncomfortable with the agreement they made, would you rescind the contract? Have you even informed clients of this clause in the paperwork? Informing them does not mean they will do it; however being aware of all clauses makes for a smoother working relationship.
