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how can get back a deposit if i cant get a loan on a new construction?

Mon Apr 21 2008, 07:06 - New York - Home Buying - 5 answers
 
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Mrs. Isaac
Buyer & Seller
in New York
Mrs. Isaac, Buyer & Seller in New York in New York
Answers (5)
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Gary W Oakes was FIRST TO ANSWER Gary W Oakes received BEST ANSWER
Dear Ms.Isaac,
Your first line of protection is the contract you entered into with the builder. Typically if you are declined for a mortgage you are entitled to your contractual deposit to be reimbursed to you. You need to speak with your attorney and go over the details for your contract with him or her. In today's changing market, a mortgage you may have qualified for while the house was under construction may not be available any longer just because the banks no longer offer that particular loan program. You definately need more information as to why you were declined and if under those circumstances are you able to get your money refunded.

Wed Apr 23 2008, 21:03
 
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Lots of new construction buildings do not have a mortgage contingency. I would speak to your attorney. Why werent you able to quailfy for a loan? sunny_hong@countrywide.com

Mon Apr 21 2008, 15:10
 
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You really have to ask your lawyer if there was a contingency in the contract!

Mon Apr 21 2008, 09:51
Web Reference: http://www.elliman.com/space
 
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Mrs. Isaac, while most areas offer a contingency period for loan approval, I was really surprised to see that many homebuilders in NY do not. Begin by reaching out directly to the corporate office of the builder, with a letter describing your hardship to the owner of the company. If it's a large company, locate the corporate office, and send your letter directly to the division president. Despite what may appear to be an iron clad agreement, your lawyer may be able to find an exception within the contract contents- have it reviewed immediately!

Mon Apr 21 2008, 08:09
Web Reference: http://optionsrealty.com
 
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There should have been a financing contingency in the contract. Ask your mortgage broker to prepare documentation that you can not qualify for the loan and present to the builder. They should give your money back to you in that instance.

Mon Apr 21 2008, 07:12
 
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