If buyer fails to provide information for mortgage approval and does not close, how do I cancel contract and put in claim for deposit- Fl realtor

Asked by Jim Riordan 'Discount Realtor', Hobe Sound, FL Sat Oct 27, 2012

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Heath Coker, Agent, Falmouth, MA
Sat Oct 27, 2012
You are asking for what appears to be legal advice.
I would ask a lawyer.


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Annette Law…, Agent, Palm Harbor, FL
Sat Oct 27, 2012
James,
You are registered on Trulia as a real estate professional.
This is a situation you must take to your broker.
The proper action to take is clearly spelled out.

You need to know:
Does the seller receive ALL the deposit?
Will your broker receive ANY portion of the deposit?
Will you receive any portion of the deposit?

Your seller should be advised of your findings.
Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us

First Look: http://youtu.be/PumYpkgybXE
0 votes
Scott Godzyk, Agent, Manchester, NH
Sat Oct 27, 2012
James most contracts state if the buyer does not provide proof of mortgae approval or a denial letter by a specified date, the contingincy is simply waived. You would then have to wait until closing date if they did not close, then you could put into writing the buyer is out of contract and the escrow deposit should be turned over to the seller through the process in your contract. You should ask your listing agent to go over it with you or may want to see a lawyer.
0 votes
Scott A. Nel…, , 02155
Sat Oct 27, 2012
You should consult with your attorney to make sure you proceed properly. There are certain specific and detailed ways you should proceed. An attorney can best advise you on how to proceed legally. They can review all the documentation, contract terms and correspondences.
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