We signed documents on Sunday and left a deposit for the purchase on a home. Escrow opened on Monday. On Tuesday we received a preliminary on what our payments would be. I sent an email to our realtor explaining that the payments were too high and not what we were quoted. Our realtor told us if we backed out we would loose our deposit. We were pre-qualified but my husbands work hours have decreased. Do we loose our deposit? Can we back out without losing our deposit? Does an email count as far as notifying our realtor within 72 hours? Don't we have 72 hours to back out without losing our deposit?
2006-11-17 05:58:11 · 8 answers · asked by Linda C 1 in Business & Finance ➔ Renting & Real Estate
Around here....Please keep that in mind....States vary....But here if you can no longer qualify for you loan you can get your earnest money back.....In your contract the terms of the loan you were hoping to get should have been outlined..ie: interest rate, loan type, and length....If those items have changed you should get your earnest money back.......Keep in mind too when you do your home inspection you should be in total negotiation at that time too....So maybe you can find a TON of stuff wrong with the house and request seller repair them and if he doesn't you can get out of the deal that way?...Hope this helps.....I hope you have a BUYER agent working for you...You may need to remind her/him that they are in fact working FOR you....Sometimes the contract is commission based for their interest instead of yours!!..Good Luck....
2006-11-17 06:14:26 · answer #1 · answered by Anonymous · 1⤊ 0⤋
As always different laws may apply in different countries / states.
Who quoted you the lower rate? Was this lower rate a formal offering and if so did you formally accept it?
Has an explanation of the reason for the increase been given?
Normally the whole point of a deposit I'm afriad is that it is a "gesture of good-will / sign of comittment", if the deal falls through because YOU withdraw, I am fairly sure you will losr your deposit.
As for 72 hours cooling off, in the UK this can depend on where things were signed - now might be a good time to speak with a lawyer for a bit of quick advice - rather than relying on free advice from lay-people like myself and others. We mean well but I doubt many professionally trained legal fellows give free advice on here.
You are in a sticky position - get some professional help.
2006-11-17 06:15:37 · answer #2 · answered by Mark T 6 · 0⤊ 0⤋
it really depends on what state you live in, and in most, its pretty crappy. Yes an email should count as within 72 hours.. you need to keep proof of your email.... and if they quoted you as paying somthing lower.. but do remember escrow will bump it up a couple hundred a month... and the realtor would not have been able to establish your escrow payments for you, since he would really have no clue... but if the mortgage itself, not with the escrow is a lot more than what he stated.. you need to just get a lawyer involved if your truly wanting to back out and with your money.. depending on how much your deposit is, a lawyer might be a lot cheaper.. yea, the house buying game SUCKS.. but good lucks guys. just beware of the legal scandels they will want to put you through... always have a good lawyer.
2006-11-17 06:09:50 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Well, yeah...threaten them with a lawsuit, they'll come around.
Sounds like, although you told your realtor you wanted out of the contract (you did do that, didn't you? Just saying the payment's too high doesn't get you out of the contract) she dicked around, trying to keep the sale, and didn't tell the seller.
Next time, get a good faith estimate before you sign a contract--that way you'll know if the payment will work for you or not.
Now, if you did get a good faith estimate, signed the contract, and let the 72 hours expire, you're SOL.
2006-11-17 06:08:01 · answer #4 · answered by tmlamora1 4 · 0⤊ 0⤋
that's the owner's burden to coach why withholding a secure practices deposit is justified. the instantaneous he suggested which you will basically get portion of it returned became into the time you will possibly desire to have asked, "Why?" Texas regulation is like everywhere else. A landlord might withhold deposit basically while mandatory to cover his easily damages, which could be the fee of cleansing, repairing damages, and so on., mandatory to hold the apartment unit returned to the comparable point it became into while the tenancy began. I presume the secure practices deposit isn't addressed on your purchase settlement. in line with threat you may negotiate for the secure practices deposit to in a roundabout way be pondered contained in the quantity of money you carry to last. If no longer, then you definately'll might desire to sue the owner for return of your deposit.
2016-10-04 01:59:28 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Your contact should have ways out based on it failing inspection, or you not being able to obtain the necessary financing. It sounds like the 2nd case may be where you are at.
2006-11-17 06:19:44 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Call a Real Estate Lawyer now.
2006-11-17 06:07:09 · answer #7 · answered by John 6 · 0⤊ 0⤋
You should be able to get your money back I did don,t let her pull that on you she wants the sell go though and get payed good luck
2006-11-17 13:16:41 · answer #8 · answered by pattibcacl 6 · 0⤊ 0⤋