Home Buying in 94539>Question Details

Sam, Home Buyer in Fremont, CA

how to get deposit back from KB homes due to financial hardship?

Asked by Sam, Fremont, CA Tue Dec 9, 2008

we have signed contract with KB for a new home and deposited 3%. how can we get the money back as we lost job recently.

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Answers

4
Sam:

This exact same question has been asked many times in the past few weeks - do a general search in Trulia for all local area cities and you will see many, many answers to this question.

Bottom line, builders cannot sell you a home you can no longer finance, and most are willing to give you back your deposit in this circumstance. Key word: most.
Web Reference: http://www.carlmedford.com
1 vote Thank Flag Link Tue Dec 9, 2008
Contact your loan agent ASAP and have him/her review your new income situation as to whether you still qualify or not (I'm assuming you probably won't). Request that your loan agent provide you with a Statement of Credit Denial (this is standard in most loan processing software) to document the reason for your denial (your income) and present this document to the builder with a request to cancel the contract (include contact info of your loan agent.)

Best Regards,

Steven A. Ornellas, GRI, ABR, e-PRO, CMPS, RE Masters, MBA
REALTOR® / Mortgage Banker-Broker / Certified Mortgage Planning Specialist
Steven Anthony Real Estate & Financial Services
Expect Excellence. Get What You Expect.â„¢
Cell: 510.461.6011
http://www.Steven-Anthony.com SteveO@Steven-Anthony.com
1 vote Thank Flag Link Tue Dec 9, 2008
Hi Sam,

Usually once you have signed all contingency removal; it’s hard to get your deposit back.
In the market condition today, where one of you may lo longer have the same job; you can certainly try by giving your job layoff letter. Lender’s letter is good to give that states that you are no longer qualified for the loan. In my opinion the real proof is a letter from your HR Dept. When you signed up for the home and paid a deposit, did they ask to be approved by their lender even though you may take a loan from any source? If that’s the case, then it works in your favor. You can submit the letter from your job and have the builder’s lender give you a certification of non-approval.

If your deposit is high enough to pay an attorney’s cost, may be its worth to hire an attorney to help you get your money back.

Hope you can get your deposit back and good luck for the next job.

Charo Bhatt
510-381-2105
www. HomesByCharo.com
CharoBhatt@gmail.com
0 votes Thank Flag Link Sat Jan 17, 2009
I used to work for one of the big builders for years. Try asking first, if this does not work, please call me. 925/325-9546.
0 votes Thank Flag Link Tue Dec 9, 2008
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