We are contracted with Mercedes homes in Florida and have goven a $30000 deposit which they say is non-refundable. We have been unable to sell our current home and want to know if anyone has had any success in getting a refund back from Mercedes and if so, how did you do it?
2006-12-03 06:21:35 · 2 answers · asked by Thinktank 2 in Business & Finance ➔ Renting & Real Estate
I am in the mortgage business. There are exactly two ways to get out of a contract:
1) If you signed a contingency. This means you have in the contract a provision that states you get out of the contact with a refund of your deposit, if you do not sell your current primary residence. Most people are doing this in Florida. I live in Port St. Lucie and there are 9,000 homes for sale.
If you did NOT sign a contingency contract, which if you came in with a Realtor they probably would have done for you, the following is your only way out:
2) If the mortgage company cannot qualify you, meaning you cannot get a mortgage because you are unable to debt load for two mortgages at the same time, you should be able to get out of the contract ( this probably is the most critical because if a mortgage company will not qualify you then you should be able to get out of it ).
Those are only ways I have seen contracts come apart and deposit money refunded...good luck!
2006-12-03 06:41:45 · answer #1 · answered by Suzanne 4 · 1⤊ 0⤋
The time to ask that question was BEFORE you signed a binding contract and handed over that much $$$! Check with a local attorney to see what your rights and options are. If your contract has any contingency clauses -- sale of present home or qualifying for a mortgage -- then you should be able to get out if the contingency can't be met.
If no contingencies apply, one option is probably a bridge loan on your current home. Hope you have enough equity to make that possible.
2006-12-03 06:42:49 · answer #2 · answered by Bostonian In MO 7 · 2⤊ 0⤋