Home Buying in New York>Question Details

Dave Dates, Both Buyer and Seller in 10537

In contract, vandalism occurred want deposit back, lawyer is trying to keep it

Asked by Dave Dates, 10537 Wed Aug 14, 2013

I was buying commercial property, I paid for an inspection, survey, title search and lawyer all about 4k...the contract was constituent on a loan, I did not get the loan, however the selling bank offered me a loan
So question one- I cannot get my money back because the constancy was met by the bank that us doing holding the short sale now entering into foreclosure.
At the same time, the property was vandalized....shouldn't I get back my money because of that?
My lawyer is wispy washy passive and has not fought for my money back and I am fuming mad...help

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Answers

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I have always been told the lawyer gets paid if the deal goes through or not. did you have a real estate agent who can help you through these issues?

Good luck!
0 votes Thank Flag Link Mon Aug 19, 2013
you need to reach out to an attorney that handles Real Estate Litigation cases. If you need a recommendation reach out to Tatyana Agarunov (212) 920-5989, http:/www.agarunovlaw.com
0 votes Thank Flag Link Mon Aug 19, 2013
And now the bank has another offer, they are going with...it seems all very unethical to me
That I should have to pay title, survey, my attorney and there lawyer and get half my deposit back
0 votes Thank Flag Link Thu Aug 15, 2013
I am NOT an Attorney but I would think if your bank declined to loan on the property, the deal would be dead and gone. that is usually what happens. Your purchase was contingent on your being able to obtain the loan usually within a specified time frame (contractually) and that simply didn't happen, full stop. I would want to go over that clause in the contract with the Attorney. The language is pretty plain.

The selling Bank offered you a loan. OK, they really want to get this property of their books as a non performing asset. So that may take care of the Mortgage Contingency. Since the Bank is in such a giving mood, you might be able to capitalize on that. If they are aware of the vandalism, perhaps a negotiation for a credit (money) at closing can be arranged to your satisfaction. This would allow you to do the repair and hopefully not be out of pocket. Perhaps the vandalism didn't damage anything structural. You don't mention what occured and some might just think grafitti or a broken window or two. Good Luck.
0 votes Thank Flag Link Thu Aug 15, 2013
The sellers lawyer now is claiming that I did not do it in time of the essense ...alo, now the bank tells me thy are going with another offer...I mean really?
Something is wrong here
Flag Thu Aug 15, 2013
That is a difficult situation. I actually had a similar thing happen to me. I hired my own attorney and was able to resolve it because he knew much more about the law than I did. It turned out to be a great learning experience.
Web Reference: http://www.vhlaw.ca
0 votes Thank Flag Link Thu Aug 15, 2013
Your question can best be answered by your attorney, therefore ask for any necessary clarifications; much relies on your contract.
0 votes Thank Flag Link Thu Aug 15, 2013
It all depends on the language in your contract, without seeing it we can't really guide you. Your attorney is really the one that would be able to advise you, hopefully they get their act together.

Chris
0 votes Thank Flag Link Thu Aug 15, 2013
It will depend on how your contract was worded and if you met the dates required by that contract. You may want to see another lawyer. As far as repairs now needed, there should be a clause that requires them to fix it or credit you up to a certain amount if damages occur during the contract period.
0 votes Thank Flag Link Thu Aug 15, 2013
Dave, get another attorney who is willing to put up a fight. It's difficult to say if you have a way out or not. You got denied for a mortgage and yet you have a offer for a mortgage from the selling bank. The house was vandalized but at the same time you're buying a short sale which almost always means you agreed to buy it in as is condition.

Maybe you have an out being that it's not in the condition you initially saw it as. Consider speaking to another attorney and see what they say. You're not going to get much legal advice here in Trulia.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Thu Aug 15, 2013
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