Have a great day;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit Repair
Making home ownership more than a dream...
Retired Mortgage Banker
Hope it all works out.
Threaten to sue the agent and the broker in case they forgot to put the mortgage contingency in the contract.
The $1000 should be given back very soon, but make sure you have a letter from the lender that refused to give you a loan.
The $1000 is not in the hands of the seller, but should be in an escrow account with the sellers listing broker.
The answer depends on how the contract was written. Was it contingent on you getting financing? Why did the financing fall thru? Were you timely and truthful in your application?
Who is holding your deposit? The seller, an escrow company, or a brokerage?
How you answer those questions will determine if the seller can legally keep the deposit.
Benchmark Real Estate Group, Inc.
Most contracts are written with deadlines, stipulations & contingencies. These elements will determine if you receive the money back or if the seller is entitled to retain the money. Check your contract or talk with the agent involved.
Better Homes & Gardens Real Estate Metro Brokers