Joe Chang

You have every right to inquire and get a clear answer as to why, specifically, the buyer's lender backed out. If the answer doesn't sound appropriate then this sounds like a breach of contract case. Hopefully, your attorney is holding the deposit in his trust account, but you can't just keep the deposit, you'll have to go to court, assuming there is no out of court settlement, and prove what your damages were. The easist way to determine this, is waiting for another buyer, closing on the deal and seeing how much less you made. You will also add in your additional carrying costs. It is very important to send a "time is of the essence" letter to the opposing party, to make clear, the breach therefore giving you a cause of action to sue.

To sue for the deposit, you'll have to use a different attorney because the first attorney will likely be a witness at trial, if there is one. If ultimately it was the lender's fault, for issuing a commitment letter then not following through with a loan, then it's the buyer's job to then sue the lender. I've seen a lot of cases where the money just sits in escrow for a long time because no one wants to sue for it.
*Please note that this is general information only, and not to be construed as legal advice, if you would like a consultation please feel free to call and make an appointment"
Joseph A. Chang & Associates, LLC * Attorneys at Law
Paterson and Passaic, New Jersey
Passaic, Bergen, Union, and Essex Counties
973.925.2525
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