If you are in line with that meaning not approved for a loan within a certain number of days as indicated in the caluse than your EARNEST money must be refunded.
Now the monies you placed for upgrades is different.
This also is indicated in the contract.
Seek help of your Realtor and an attorny.
Better Homes & Gardens Gary Greene, Realtor Katy/Houston
Fax: 281-646 1841
"The highest compliment I am ever given is when I am
referred to your family & friends!"
Maryena Gross, Agent
Keller Williams Greater Northwest
Houston, Texas 77065
Good morning, most builder's do have a 7-10 period to cancel and they usually stiplulate that the upgrade monies are not refundable. You can go to their corporate office to see if they will resolve this. If they will not resolve this, you will need to get legal advice. I do work with some Great Mortgage companies and would be glad to assist you with your home purchase.
"Selling Real Estate Since 2001"
Elite Texas Properties
12320 Barker Cypress Road
Cypress TX 77429
The contract will stipulate what is refundable and what is non-refundable. Often a builder's contract will indicate that the earnest money is refundable. However, the change order form which lists the buyer's personal selections and their costs will often state that the deposit toward these personal changes selected for the new home will not be refunded if the contract terminates.
It is very important that a home buyer read carefully the sections of a contract that govern any funds they are required to put into escrow, and get a firm understanding of what happens to those funds in the event the contract terminates.
I'm sorry to hear of your distressing experience, but I hope your experience will inspire other home buyers to get an advocate to guide them through the home buying process. A Realtor, a buyer's agent, is your fiduciary partner in this most important event in a family's lives!
However, it all depends on how the contract was promulgated. If you were required to pay for the upgrades and then you were unable to close for whatever reason, then you will not receive a refund.
Were you approved with the other mortgage company?
I recently closed on a new Brighton home and had a very good experience with their sales representative, mortgage professional & title company.
Licensed Mortgage Loan Officer
Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer
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