I was going to buy an apartment, signed a sales contrct with a contingency clause if I couldn't find a
mortgage. Beacuase of a very high flip tax in the co-op by laws I couldn't find a mortgage for the amoung stated in the sales contract (proof from a motgage broker and a bank has been sent to the seller's lawyer). I am now trying to get my down payment money out of escrow (with the sellers lawyer) to no avail. It has been 2 weeks and my lawyer has yet to hear from my seller's lawyer (this was a by owner deal so there are no realtors in the mix). Does anyone have any insight on what I should do from here? I REALLY need that money back.
I'm not a lawyer, so this isn't legal advice. But...
Keep working with, and through, your lawyer. Depending on how the contract was written, you may or may not be entitled to your money back. Your lawyer will be the best one to protect your interests. You may find that you'll end up negotiating for part of the money back. I expect your lawyer has already given you a ballpark figure of what his charges for different steps in the process will be. At some point, it may be better to accept a partial return of the money than to keep paying your lawyer. But that's a decision you have to make.
Good luck.
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