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Asked by wanting to buy, ? Sat Jan 26, 2008

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3
;, , Riverhead, NY
Sat Jan 26, 2008
In light of the current sub-prime debacles, my suggestion in your situation is that an attorney needs to review your contract. While it is no fault of the seller, your own inability to qualify under reasonable guidelines entitles you to a to a timely return of your deposit.
Web Reference:  http://optionsrealty.com
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Adelina Rotar, Agent, Knoxville, TN
Sat Jan 26, 2008
Kawehionalani:

After reading another question you posted, I believe that the seller is entitled to your earnest money. I think that they are being very considerate in giving it back to you after someone buys that property.

From what I understand, you did qualify for the loan and could have closed on the loan, except at the last minute you found out that the terms/payment wasn't what you wanted. Typically, that should have been discussed prior to putting in the offer and your rate locked so that this situation doesn't come up. So from my understanding (your other post), the lender did approve you, but you backed out due to terms/payment that you didn't like. I don't think the seller is in default here as it is not his fault.
Web Reference:  http://www.RotarTeam.com
0 votes
Frank Bigans…, Agent, Newport News, VA
Sat Jan 26, 2008
If I understand your question correctly, you submitted an offer on a property and your offer was accepted by the seller. If this is true, then it sounds like you are in default and may not be entitled to the return of deposit.

However, if you cancelled a ratified contract due to issues discovered through a home or termite inspection, then you would be entitled to the return of your deposit. However, most statutes state that deposits should be immediately returned. I’ve never heard of such a statement that “a deposit would be returned when someone else buys the house.”

The #1 item that Realtors and their brokers are fined for is due to mishandling of escrow funds. Deposits are typically returned within 15-30 days, if not sooner.

The following link provides a copy of a contract for Hawaii:
http://www.hawaiirealtors.com/download/Express07/rr201-6-07_…

Frank Biganski, Realtor ABR
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