Home Buying in Bronx>Question Details

Zinser83, Home Buyer in Bronx, NY

My question is how long can they wait before they tell me yes or no i am returning the deposit?

Asked by Zinser83, Bronx, NY Sat Jan 17, 2009

I was buying a co-op in the Bronx and it took along time to get approved by the coop board. During this period we got a denial letter stating the loan commintment letter or loan was withdrawn due to lack of documentation needed by the underwriter. Insurance proof from the coop. We couldnt submit this becasue we hadn't been approved and it wasn't our fault. My contract says that we get our money back if denied. We have demanded our 7400 deposit back. Now the seller won't return the deposit money even though we were denied because of the slow aproval to process the loan by underwriter. And now the in has been two weeks and the lawyer is taking his time.



If I start a lawsuit how long will this process take to get back the deposit in a judgement?

Can anyone suggest a good lawyer to fight for my deposit if they dont return it?

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Answers

5
You have some great advice here - but having been once a buyer on the receiving end of a very slow coop board, I will tell you, it's amazing what showing up in person did. We had holdups from the board for every document, and I started offering to transport the records personally if they couldn't shake a leg. When it was in their tax-processor's hands, I showed up there to make sure she faxed the pages she was supposed to (after she had whined to me about being overextended on the phone), and then I returned the documents.

I basically oversaw the entire process and was as in-their-face as I could be. Maybe try going to the seller's attorney's office? My biggest fear for you (having once been dealing with a seller's attorney who was a total sketchbag) is that the attorney for the seller may have been a scum who did not hold the check in escrow, but deposited it illegally or something.

Keep on them - I am not a big advocate of the real estate practioners 'be patient' mantra, because I dealt with way too many people who just want to sweep things under the rug. This city is filled with dirty lawyers and brokers, and Southeast Queens is a living testament of that for us.
0 votes Thank Flag Link Wed Feb 11, 2009
A couple of questions: first, do you still want the unit? It's almost certainly not the seller's fault because the coop board didn't respond. (You may want to try to see if the information/paperwork you need to get approved could be gotten from the board and submitted to your bank.) However, if you have been legitimately turned down for a mortgage, that is usually one of the only ways to get out of a contract without losing your down payment. You should certainly discuss it with your attorney. The seller really doesn't have your money, their attorney does. I can't imagine if your attorney has sent the denial letter to the seller's attorney that he/she will recommend to their client that they can keep your money. If your attorney is a litigator as well as a real estate attorney, he could start the lawsuit to get your money, as well as costs and expenses in starting a lawsuit, back from you. However, I doubt that it will get that far. I would suggest speaking to your attorney and having a little patience. Good luck!
0 votes Thank Flag Link Sun Jan 18, 2009
You will get your money back, don't worry. Its in escrow. if your attorney is taking his time, send him a strongly worded letter. If the other attorney is taking his time, have your attorney send him a strongly worded letter. If they start playing games with your money, tell them the next call will be to the NY state bar association and that will have your money back to you within a few hours.
0 votes Thank Flag Link Sat Jan 17, 2009
Z,

You are posing some good questions that would best be responded to by an attorney.
Consider visiting http://www.linkedin.com. It is a resource that various professionals use to publish their availability. It is unique because it allows people that have used their services to provide comments on the level of service they provide.

It might be worth a look.

Good luck
0 votes Thank Flag Link Sat Jan 17, 2009
You will have to read your contract to be sure, there should be dates printed that you need to provide proof of the ability or denial of a loan. If you were within the dates they have to return your money. You should first fill out and sign a request for release of escrow. If the sellers refuses to sign it there should be a clause that provide the list8ing agent to then place the deposit with the clerks in an interpleasder. A judge will review it and should give you your money back without having to pay for a suit right off. Your buyer broker should guide you through this process. good luck with working things out
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sat Jan 17, 2009
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