I was going to purchase a home from a well known builder and I was going through their preffered lender but I wasn't approved. Now before all the lending process went through I placed a deposit to hold the home and it was going to go towards closing costs. But the builder is saying that they cannot give any portion of my deposit back, because of the time. It's been only 2 months.
2006-09-13 09:59:33 · 5 answers · asked by Cesar F 1 in Business & Finance ➔ Renting & Real Estate
Read your contract. There should be a clause that specified that your earnest money will be returned if you did not qualify for the loan.
That said, 2 months is a VERY long time to get an answer on a loan! Did you wait before applying for it? You should have applied for the loan immediately. If you did and just got turned down, you should be entitled to a refund of any earnest money.
2006-09-13 10:12:14 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
2 months is actually quite a LONG time. It should have been within 10-14 days.
Your deposit was likely just earnest money, and earnest money is a tool for the seller. If you default, he/she is allowed to keep all or a portion of it.
Sorry, Charlie.
2006-09-13 18:10:01 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Read your contract. Did it say it was subject to loan approval by "the lenders bank"? Did it say you had a certain amount of time to secure financing? If you don't understand what it says, contact a lawyer. Usually the contract sets forth the exact terms of the sale.
2006-09-13 17:15:38 · answer #3 · answered by Kathleen M 4 · 0⤊ 0⤋
It all depends on your contract with the builder.
Did you have a real estate agent representing you? If you have an agent, they will help get your money back.
Good Luck.
2006-09-13 17:12:17 · answer #4 · answered by LasVegasMomma 4 · 0⤊ 0⤋
nope
2006-09-13 17:01:29 · answer #5 · answered by Thick Chick 2 · 0⤊ 1⤋