Home Buying in San Jose>Question Details

Nellie Gary, Home Buyer in San Jose, CA

How do i get my escrow deposit back?

Asked by Nellie Gary, San Jose, CA Fri Sep 26, 2008

2 years ago...I gave a builder 12K deposit for a condo. Their requirement is ..I have to be pre-approve with their preferred lender which was Countrywide. They pre-approved me for a $400K loan with 5% down. Three weeks later...approx 10 days prior to closing....lender change their terms.....that I have to put 30% down....because I have another house under my name. I told them...before the approval process that I have a house under my name. Now....I told countrywide and builder .that I cannot proceed with the purchase if they dont give me 5% down since I dont have 30% down. The contract had a 30 days passive contigency removal..and it did passed. Now the builder doesnt want to release the deposit. I got a letter from Escrow...sayin that since the builder and myself are in dispute...they will forward this case to a legal counsel and deduct fees. Can I get my escrow deposit back?

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