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silvi^e | Can the builder keep my $10,000 deposit? |
I had total intention to buy a property, but unfortunately my loan was denied after the appraisal because the property is in declining market. Is it fair that the seller keep my $ 10,000 deposit?, can I do something?. Thanks. |
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Joy
|
Usually if your loan is denied, you get your deposit back. BUT, it all depends on what your contract says. |
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rlloydevans
 |
This is strange. Most contracts are "Subject To" the buyer obtaining financing. If you made a good faith attempt at getting the loan, but couldn't because of credit, property value, or whatever, the transaction is normally cancelled and the deposit returned. This happens all the time.
I'd read my contract carefully, and get a good real estate lawyer. |
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Lindsey
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Well I thought that technically a deposit is money that they give back to you, so you should call a lawyer to look into it because $10,000 isn't money to just play around with. And I don't think they can keep that money from you. |
|
es
 |
You have gotten partially correct advice. You must read your contract and see a lawyer. If you used the Builder's own contract, it is likely that there is neither a mortgage contingency nor an appraisal contingency in the contract language. The contract language prevails. There are often provisions in builders contracts that are weighted in the builder's favor. You did not say if you had any representation- either a realtor or lawyer. If not, retain counsel. |
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schunkwc1952
 |
That's why you have (or should have) an attorney. Ask them. |
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Expert Realtor
 |
Check your contract...
Did you have a Realtor to represent you when you purchased the house? I would start with them first, that is part of their job.
Check your contract to see if it says anything about "financing approval" as a requirement...if you get denied for financing, then that is your legal out.
I would get a Real Estate attorney to send a very nice letter to return the deposit or you will sue them.
Also, check your contract to see if certain upgrades to the home required an additional deposit that was non-refundable. That's rare (and shady), but I have seen that before.
A Realtor would have checked the contract for all of these and explained any consequences to you before you signed. |
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hondapilot4me
|
it depends on your contract- if your contract to purchase the home is contingent upon a home inspection, mortgage approval, and any other terms (such as the sale of an existing home) then you have full right to your $10,000 deposit.
However, if your contract does not have any conditions or contingencies, then the builder has full right to the $10,000.
I would read the contract and check for any contingencies/conditions in the contract. |
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Scott K
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Usually, the buyer makes certain that a clause is inserted about financing - something like "purchase and deposit are contingent upon appraisal and buyer obtaining reasonable financing arrangements." Otherwise, you are at the seller's mercy. Send them a nice letter and politely ask them to refund the deposit. If they don't refund you the deposit, they can't sell the property unless you agree, so they will probably work something out if they want to sell. |
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financing_loans
 |
Check your contract every carefully. I agree with the other gentlemen normally contracts are subject to financing.
Here is your big issue. Normally it will say you need to apply with a lender, then you need to get approved. A credit approval. This tells the builder you can qualify for the house. That is normally done in the first 30 days of the contract. There might be a time frame for you to get out. You might have passed that.
You need to fine pick that contract because if it was a build job im almost 100% positive you are way past that time. I hate to say it, but reading most real estate contracts I read. You only have a certain time to back out. Financing is normally only 30 days that you can use that excuse. Read it very carefully. And then have an attorney read it very carefully. Get a new appraisal but my personal opinion if its been over 30 days your money is gone.
Its not the builders fault that the house you had them build isnt worth what it was a year ago. Im sorry but the builder is going to lose more then the 10,000 you gave them. |
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rochelletherealtor
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A lot of it will depend on what the contract said. It sounds like it didn't have a contingency protecting you if the property didn't appraise.
Did you have a Realtor representing you? If so, they should be on it, but there may be nothing they can do. Also, contact a real estate attorney. A nicely written letter may get you your money back. |
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memels
|
NO! Did you have and agent for the contract? If so then the agent should be fighting to get your deposit back for you (if they are a good agent). They would get a form from the lender stating your loan was denied and why. This should be all you need to get your deposit back. Check your contract also to make sure there is no clause in there for losing the deposit. You may consider an attorney if you didnt have an agent. |
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Anthony
 |
You can always threaten to sue, and even initiate a law suit. They cannot sell a property that is in litigation, so they may comply with your request. Also, do have a real estate lawyer review the contract to see if there are any loop holes, as there often are.
Anthony
http://www.consumersadvantagerealestate.com |
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Valley R
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Depends on your contract. You should have used a Realtor. Read your contract carefully. |
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cute5002
 |
he can keep get a laywer sue him and get ur money back! |
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maxie
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BY EXPERIENCE YES THEY CAN BECAUSE I WAS IN REALASTATE AND . THEY PUT MONEY DOWN AND DIDNT BY IT WE WENT TO COURT JUDGE SAID THAT MONEY IS HISTORY . CAUSE IT WAS A DOWN PAYMENT. |
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Frank R
 |
Read the contract. Then talk to a real estate lawyer. Typically, for such a large deposit, a compromise can be worked out. If there is a financing contingency, and you have done things as you should have, then it all should be returned if the financing is not available. |
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