We signed a contract to purchase the home, we had conditional approval. We attempted to meet all the conditions. We met them all and then a hurricane damaged the house and we had to extend the closing date until after the repairs were made. After four months, the repairs were made... then at the last minute our company called us and told us the conditions weren't met and we were denied. This took place in 2004. We have been attempting to get our funds back ever since. The sellers claim they should get the deposit funds back. We obviously think we should get them back. We filed in small claims and go to mediation on Monday. They have hired an attorney, we didn't think we would need one in small claims. What should we do? Who should get the money? Help, we need an answer soon! If you need more details, just ask. Thanks!
2007-03-03 13:14:55 · 5 answers · asked by ik ben alphabetsoup 3 in Business & Finance ➔ Renting & Real Estate
Standard "as is" contract.. the only thing that it says in the financing paragraph is that we have to give them a conditional loan approval in 10 days.. their attorney is saying that we are did not perform the contract as stated in paragraph s... we didn't get an attorney because this is small claims.. these people (the sellers are insane :-)
2007-03-04 03:02:05 · update #1
I am not a real estate attorney. I am a Realtor in Florida.
You were the Buyer, correct?
What does your contract say about financing? Which FAR or FAR/BAR contract was used? Or, what did your Realtor include in the offer, which was accepted, regarding financing?
If you haven't already done so, get a letter from the LENDER, not the loan officer or mortgage broker, stating clearly you did NOT meet all conditions resulting in the loan DENIAL.
Why has this taken so long to settle?
Did you have a Realtor involved? Typically, escrow disputes are pretty clear.
Title companies typically will not take a position. They'll simply refer you to arbitration.
Many, many times I've represented customers who've suffered a similar experience, i.e. sellers refusing to release the binder.
A letter from an attorney has weakened the most stubborn sellers 100% of the time.
Granted, the buyers I represented were in the right.
I don't know all details of your situation, i.e. contract used, and 4-month delay.
Disclaimer: I am not a real estate attorney.
2007-03-03 14:20:13 · answer #1 · answered by paynemdp 2 · 0⤊ 0⤋
Those details should have been spelled out in your original offer contract. Your agent should have protected you by including it, it is practically a no-brainer clause in any real estate contract.
If you lose, you can turn around and file a suit against your agent's brokerage. If you used the seller's listing agent to also work for you, that would explain why it wasn't in the contract. LISTING AGENTS WORK FOR THE SELLER, NOT THE BUYER. If you didn't have your own agent covering your butts, you might be out of luck. Consider it a lesson learned and always have your own agent working for you in the transaction. A buyer doesn't pay that agents fee, it comes out of the seller's proceeds so it costs you nothing.
2007-03-03 14:18:01 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you made a good faith effort to meet the conditions, I believe you should get the deposit back. The deposit is usually made to keep the buyer from backing out for no reason.
Small claims court in CA, and I thought it was the same all over the country, does not allow you to bring a lawyer to the courtroom with you. There is nothing to prevent you from consulting with one, but they cannot be with you in court.
2007-03-03 13:24:07 · answer #3 · answered by Brian G 6 · 0⤊ 0⤋
Mutual money are a product you purchase and allow some one else to settle on what to do which comprise your investment. you have no enter after determining what form fund you decide on. while your fund is going down, it continues to be down as a results of fact some one else needs the low fees. never anticipate a supervisor to pump up the fund. the administrative can no longer positioned Apple on your fund at $ninety for it to strengthen to $six hundred, in the journey that your offered a economic business enterprise or finance mutual money. economic business enterprise deposits and CDs are in certainty secure. You never get statements which you lost $countless numbers. actual supplies is own. there is no public judgements and you could consistently sell. in case you lease supplies, you sell supplies. there is no reason to contemplate flipping residences in case you decide on actual supplies. you do no longer could desire to instruct actual supplies. in case you decide on money, then take out a private loan on the abode. that's in simple terms a myth that actual everyone seems to be caught with Condos and lost while they have a residence. A corporation is robust yet no longer promising. you could desire to purchase a franchise etc. different than so, that's extra consistent with employment, the place you're making the income and save them, rather of giving them to a pair one else. you additionally can positioned actual supplies in corporation. there is the Triple internet lease for commercial supplies
2016-10-02 08:25:24 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Most purchase agreements are "dependent upon obtaining financing." If you signed an agreement without that clause, then you are out of luck.
If your agreement had this clause, then the money is yours to get back: Keep fighting the good fight
2007-03-03 13:22:19 · answer #5 · answered by ? 5 · 0⤊ 0⤋