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Sat Mar 29 2008, 17:27 - Miami - Home Buying - 4 answers
 
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Miami Buyer
Home Buyer
in Miami
Miami Buyer, Home Buyer in Miami in Miami
Answers (4)
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Earl was FIRST TO ANSWER
What is your realtor doing? I'm guessing they'll re-engage for the paycheck if you get another lender's approval.

Sun May 18 2008, 19:57
 
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From the facts you have given only, it sounds like you are entitled to your deposit back. Regardless of what downpayment you and your lender agreed to, if you can't get financing within the financing commitment period, then it SHOULD be quite clearly stated in the contract that you may cancel.
Bottom line, have a real estate attorney interpret that all the details.

Sat Mar 29 2008, 18:02
Web Reference: http://www.ramsrealestate.com
 
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Murlikrishna-
It sounds like a conflict! Your lender "pulled out" of the loan does that mean that your loan was denied?

Your deposit of 20% has nothing to do with the loan approval, does it?

If your initail and subsequent deposits (if any) are being held with a real estate brokerage- they may need to file an Escrow Dispute with the Division of Real Estate and request and EDO; Escrow Disbursement Order. There are many issues revolving around your predicament, without the details and actual agreements- it is impossible to determine if and to whom the deposits rightly belong to.

Sat Mar 29 2008, 17:40
 
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FIRST ANSWER
If your contract was conditional upon your getting financing and your lender writes you a letter stating that you can not get the loan, you should be given your deposit back.

Sat Mar 29 2008, 17:30
Web Reference: http://www.earlcline.net
 
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