I was going to buy a new house. I applied for a loan from my lender. The lender denied to let me to borrow money due to bad conditions of the house. The denied leter was provied to my real state agent and the seller agent. The seller refused to approve for me to get my deposite money back. It is appreciated if anyone could advice me what need to do in order to get the deposite money back without spending money to hire an lawer. Thank you in advance!
(My real state agent and the seller agent are frome the same real state company. They work in the same office.)
2007-08-16 17:42:32 · 8 answers · asked by Tam P 1 in Business & Finance ➔ Renting & Real Estate
Unfortunately, you should have spent the money for the lawyer. The other agent cannot and will not represent your interests. His client is the seller. YOU should have had a clause that would have absolved you of your obligation to this offer if you should happen to not be able to obtain financing. Why YOUR agent did not have that clause in the contract is a good question to ask. As it is, if it's not there, you are on the hook.
2007-08-16 17:58:01 · answer #1 · answered by ciamalo 3 · 0⤊ 0⤋
If I were you I would have had a lawyer first before agreeing to buy any real estate. However, as you are in the fix you are now in, I suggest you now find a lawyer and ask if there is any chance for you to get your deposit back - better to spend a little on a lawyer to get a lot back if it can be done - but don't count on it as you may not be legally entitled to your deposit back. A lawyer can advise you best at this stage. Next time get a lawyer first as it is worth it in the long run.
Seek out a local lawyer who is willing to listen to your problem with the initial consultation at no charge. Many will do this to ascertain whether you can be helped or whether you have just lost your money.
2007-08-16 18:57:02 · answer #2 · answered by margy s 3 · 0⤊ 0⤋
Check the contract first and foremost. If you were entitled to your deposit back and the current homeowner is refusing to refund it I would get letters from the two Realtors involved stating that they have also tried and then I would RUN and put a Lien on the property so that the current homeowner would have to settle with you before they could sell the house with a clear deed. When they get the next offer and before it goes to closing a lawyer has to do a title search--the lien will show up and in order for them to sell the house he will have to refund you your money.
10 year Real Estate Appraiser and Friends with a Lawyer
2007-08-17 17:14:17 · answer #3 · answered by Lez 1 · 1⤊ 0⤋
If it was in your contract pending financing you are entitled to receive your earnest money to be refunded. Take a look at your contract, the most recent one and see what it says. All it may take is threatening them. It is the current homeowners who have the money anyhow, not the agents. If the agent don't want to do anything to resolve this, report them to the BBB or anyone else who will listen. Remember, they have to have a license. Surely there is someone to report them to. If all else fail, call a different real estate agency and ask them where to report complaints. They'll be happy to hear their competition is in trouble.
2007-08-16 17:55:51 · answer #4 · answered by monica 3 · 1⤊ 0⤋
It's pretty standard to have a clause in an offer that if you can't get financing (and usually there are specifics like rate), that you get your deposit back. If this isn't in your offer, then you would have a problem, but it should be there - check it to see for sure.
If they are saying that there are other places where you can get the required financing, then you might have to apply at their suggested lender and see if you get it.
2007-08-16 18:13:38 · answer #5 · answered by Judy 7 · 0⤊ 0⤋
I can't tell if you are in the UK, or the USA.
the deposit money should have gone directly to a title company or held by
a neutral party and thus, it will be
easy to get back.
next time, be represented by a
BUYER's agent.
call the RE broker for a refund if he is holding it. [if in the US] Also,
if applicable, contact the department
of real estate and prepare to file a complaint.
2007-08-20 17:15:51 · answer #6 · answered by kemperk 7 · 0⤊ 0⤋
You should have had a financing contingency as part of your purchase agreement. Most have one, your agent should be able to tell you if there was.
Get a lawyer, you need one.
2007-08-17 05:54:07 · answer #7 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋
How is all of this the sellers fault. So no-duh!
2007-08-16 17:51:52 · answer #8 · answered by kimmi 3 · 0⤊ 0⤋