Home Buying in Katy>Question Details

LILLYKUTTY.70, Home Buyer in Katy, TX

Brighton homes refused to pay my check back when the mortgage disapproved my loan. They suggested me to go with another mortgage guy and I did.

Asked by LILLYKUTTY.70, Katy, TX Wed Aug 22, 2012

I upgraded the appliance to stainless steel and now they are saying that they can't return my deposit check back. What should I do? I can't find any corporate personal email ID on line ?

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Maryena L Gross’ answer
Hi sounds like your loan fell through, it happens, check your contract for the terms If your loan is not approved. The new home bulder, is simply trying to keep you as a client, some builders have inhouse finance, or several lenders they deal with to work with difficult loans. Most bulders will return your earnest money check back after they have exhausted all. But, your upgrade check may not be refundable thats why its better to use a knowledgeable Agent to negotiate your contract when purchasing a Home, If I could be of any assistance in your New Home search call me.


Maryena Gross, Agent
Keller Williams Greater Northwest
Houston, Texas 77065
281-733-8424
0 votes Thank Flag Link Mon Nov 5, 2012
SEVEN MONTHS OLD!!!
probably too late to help.
1 vote Thank Flag Link Fri Mar 8, 2013
Best advice in any situation like this, is to consult with a real estate attorney.
0 votes Thank Flag Link Wed Mar 27, 2013
You should be asking your buyer agent for assistance, if you nought without an agent you may want to get a lwyers advice. the key is if you notified thenm in writing of your mortgage rejection within the time specified in your contract. check your dates and make sure you notified them with when the contract called for. if yolu did not notify them in writing you may be in for a hard road.
0 votes Thank Flag Link Fri Mar 8, 2013
Call a local real estate attorney to go over your contract to see what your options are.
0 votes Thank Flag Link Fri Mar 8, 2013
In the contract to purcahse there is a clause that stipulates Financing terms and condition.
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.

Kadibhai (Kadi)
Better Homes & Gardens Gary Greene, Realtor Katy/Houston
Phone: 832-228-7978
Fax: 281-646 1841
Email: kadi.kadibhai@garygreene.com
Web: http://www.har.com/kadi
"The highest compliment I am ever given is when I am
referred to your family & friends!"
0 votes Thank Flag Link Thu Aug 23, 2012
Lilly,
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"
Best Regards,
Richard Luebeck
Elite Texas Properties
12320 Barker Cypress Road
Suite 600-224
Cypress TX 77429
Cell 832-646-2886
realtor_richard@yahoo.com
http://www.har.com/richardluebeck
http://www.texasrealestate.com/richardluebeck
http://www.elitetexasproperties.com
0 votes Thank Flag Link Thu Aug 23, 2012
It is in the best interest of all home buyers to utilized the expertise of a Realtor when buying a home from a builder.

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!
0 votes Thank Flag Link Wed Aug 22, 2012
I'm sorry to hear about your bad experience in buying a new home. If you were represented by a buyer's agent, then he/she may be able to intervene on your behalf and try to convince the builder to refund your earnest money.

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.
Web Reference: http://www.amandahomes.com
0 votes Thank Flag Link Wed Aug 22, 2012
It always makes me wonder why people go with the bulder's lender. They don't have your best interest at heart. Before they took your upgrade funds, they should have asked if your loan was approved, or marginal.
Good luck!
Barbara Coker
NMLS#228545
Licensed Mortgage Loan Officer
0 votes Thank Flag Link Wed Aug 22, 2012
1st you should ask you agent to guide you, if you purchased without a buyer agent, you may need to have an attorney look at it. You have to review your purchase agreement to see what it states. most contracts state if you do not get a mortgage within 30 days you must send in the denial and a release. Hopefully you did that within the required time on your contract. Itwill depend why you were denied if another mortgage co can even do it. Start with your contract and then again you may need an attorney if the seller is refusing
0 votes Thank Flag Link Wed Aug 22, 2012
Recommend to review the executed sales agreement which governs all terms and conditions for the sale. Your Realtor can assist with answering any and all of your concerns.

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer
972-699-9111
http://www.lynn911.com

Follow me on Facebook
http://www.facebook.com/lynn911dallas
0 votes Thank Flag Link Wed Aug 22, 2012
If you are going through the builders mortgage company then they only have so many programs that you might fit into. Give me a call and maybe we can save the deal and keep things on track. i deal with hundreds of banks.
0 votes Thank Flag Link Wed Aug 22, 2012
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