Financing in New Orleans>Question Details

Angela Flowe…, Home Buyer in Hammond, LA

I paid for an inspection, appraisal and a deposit on the property I was trying to buy. All the fees together

Asked by Angela Flowers, Hammond, LA Tue Aug 4, 2009

was over a thousand dollars. I did not get the house due to some paperwork issues and a anxious seller! Can I recoup any of the funds back like the deposit? Or is all lost?

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3
WIthout details, it is hard to know...but sounds like you should have had a Buyer's Agent
Web Reference: http://iansellsnola.com
0 votes Thank Flag Link Tue Aug 4, 2009
Chris gave you some good advice, but you should be aware that if the house was listed with an agent, in Louisiana the deposit is held by the listing broker. Without knowing more about the specific contract, it's difficult to answer your question.
0 votes Thank Flag Link Tue Aug 4, 2009
Hello Angela,
Any fees that you have already paid for inspections and appraisal can not be recouped. These fees are for private inspectors and an appraiser paid for services rendered. They have no baring on whether or not the transaction closes. As far as your earnest money deposit is concerned, that's a lot more complicated. It all depends on the verbiage in the sales contract regarding contingencies, etc. You mentioned paper work and an anxious seller, but that's not enough info for me to say if your deposit comes back. Did you have a real estate agent representing you? I hope so. If so, this is a question for them. Second, I would contact the escrow/title company that was handling the sale. The money should have been deposited with them, and they have final say over who gets it. You mentioned that all of the fees were over a thousand dollars, so I'm guessing that your deposit was probably about $500. It's worth pursuing. Good luck to you.
0 votes Thank Flag Link Tue Aug 4, 2009
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