Home Buying in Coachella>Question Details

Melissa, Home Buyer in Coachella, CA

My husband and I were trying to buy a house but the sale was canceled. We still haven't received the money we

Asked by Melissa, Coachella, CA Mon Jun 30, 2008

put down. Is there anything that we can do to get it all back?

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Answers

5
Dear Melissa,

It is somewhat difficult to answer this question because there could be a number of variables.... is this a re-sale purchase? Bank owned REO? Or is this a new construction purchase? In any of these situations you need to consult your purchase agreement whether it be a California Association of Realtors contract or Developer's contract. Read carefully and identify the provisions surrounding both your contingencies (ability to secure a loan, the appraisal, approval upon having a professional home inspection) and the liquidated damages.

If the contract is not clear to you explicitly. You may consider having an initial consultation with an attorney that specializes in Real Estate practice. Get a good referral from someone you trust. It may cost you a 1-hour fee but you will gain invaluable clarification of the situation and your rights. If you are being represented by an agent, you can also have them contact the legal department at the California Association of Realtors.

But first and foremost, reference back to your purchase agreement contract.

Best of luck to you!
Tara
1 vote Thank Flag Link Mon Jun 30, 2008
Hi there Melissa, I would agree. It really depends on who cancelled the sale. Why was it cancelled. You should talk to your agent and broker about pursuing your monies?
It should not be a major problem but withiut knowing all the facts I cannot comment

Talk to who ever was representing you. They should be able to help you with this

Kind Regards
Michael Barron
0 votes Thank Flag Link Mon Jun 30, 2008
Hi Melissa, who canceled the sale? Did you cancel? If it was the buyers and would first talk to my realtor, If you don't get satisfactory results go directly to his or her Broker and explain the details. He will either fix it or help you . If you canceled the sale you MAY not be eligible for a refund unless there were contracted issues not met. I am not an attourney , so I can't give you legal advise. The only advise is to start in the office that represented you.
0 votes Thank Flag Link Mon Jun 30, 2008
We've tried for almost two months now. And the real estate agent we were working with told us that the bank still hadn't signed the cancelation paperwork. Nobody calls us back to let us know what is going on. We are so frustrated because the bank is just sitting on the paperwork.
0 votes Thank Flag Link Mon Jun 30, 2008
If your downpayment was deposited with a title company, you should have no problem in getting it back. Have your realtor make inquiries as to when your money will be refunded.
Web Reference: http://www.YvonneBaker.com
0 votes Thank Flag Link Mon Jun 30, 2008
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