Home Buying in Louisburg>Question Details

Renee, Home Buyer in Louisburg, NC

i was approved for a 502 loan of 132,700 the money was ordered and took forever to get in i had acquired

Asked by Renee, Louisburg, NC Mon Oct 27, 2008

some debt in the meantime and now i'm approved for only 60,000 i signed a contract for a house but it was up in may but never signed anything else for an extention on the contract. there were contingencies on contract saying subject to 502 loan limits and requirements. since i got into a little bit of debt and will be approved for less than the house is selling for and can't get it can i get my $500 earnest money deposit back or am i in trouble can i be sued by sellers or does my contingency save me?

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Renee it all depends. In my area if the buyer can not qualify for the loan and it is because of something the buyer did after they were approved they may be in for an escrow fund battle. Some sellers are mad but agree to returning the funds, others want to be compensated for that time off the market. It all depends on the seller.
0 votes Thank Flag Link Thu Aug 12, 2010
I don't know what your contingency is but, if, you have one and can prove it you should be able to receive your earnest money back.
0 votes Thank Flag Link Wed Aug 11, 2010
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