You are now out of that deal and you can demand your deposit back.
It doesn't matter if the broker says he or she can get you a different losn under different terms and conditions.
The contract was written for specific terms and conditions and if you didn't get that loan you are not obligated to take a different loan. The new loan may noy not be in your best interest.
DOn't back down. Demand your deposit back unless the broker can give you the loan you applied for.
You are in the drivers seat. You do not need an attorney for this.
The operative word here is "NEXT!
Move on to the next mortgage broker. They are not looking out for you... they just want a commission.
Move on to the next real estae broker... they are scrambling for a sale to make a commission.
Move onto a broker that will gey you the best deal on a home and move on to a mortgage broker that will put the deal together for you.
This is not normal real estate what you are going through. It is a power play so your Realtor and mortgage broker do not lose the deal.
Do not compromise yourself. Do not box yourself into a corner.
Relax... the world is your oyster...
If your not getting the mortgage made you stop and think that maybe now is not the best time to buy, that maybe you should wait and save some money clear up some credit issues, whatever? Then there is no need to feel pressure from the brokerage, they have to understand that you have changed your mind -
The second issue is this why didn't you get the mortgage, in the erie county agreement there is a specific provision for you to apply for a mortgage and then recieve it within a certain time frame, failure to do so lets either party cancel the agreement.
If you applyed and were denied for a variety of valid reasons, low apprasal, poor credit, bad income to debt ratios, you have a valid reason to move on ask for your deposit and wait for releases to get your deposit back, if you did not meet the banks requirements simply because you failed to try or changed your mind then that is a whole different issue and if you broker is legitimatly able to secure a mortgage for you, under the terms of the agreement, then you need legal counsel.
Either way you should get this done quickly you have a seller and broker involved who think you are buying the house or hoping you can close if this is not ever going to happen don't drag it out, it is difficult for them and there is no valid reason to delay the inevitable if you are not able or willing to buy the home, it may be tough but let them move on.
I didn't qualify because of income ratio. I think the agent was just sharking for the commission and didn't really care what he did to get the sale.
I got my money back after much delay...
2) If that doen't work, Send a certified letter demanding your money back.
3) Go see the broker, (not the agent) directly and explain the same.
If you are still within your contingency perod, you have the right to simply request yourr $$ back. If you are not receiving cooperation, escalate to a manager level. If that fails, provide a written notice that you will have no choice but to seek assistance from the regulatory agencies if your deposit is not returned. First, try the manager.
Century 21 Infinity