| Name:
Virgil
Title of Question:
Earnest Money |
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Question: My buyer in PA gave a $5,000 earnest money deposit. After some time he informed our agent that his mortgage broker who provided a pre-approval is difficult to contact. He then used another mortgage lender recommended by my agent which did not approve his loan citing his low credit score. The buyer is insisting that he can get his earnest money as he has proven that he is unable to get his loan. I disagreed as he provided a pre-approval from a different mortgage company and he should provide a letter of rejection from this company. I placed my house off the market on the basis of his pre-approval. Do I have a strong chance of getting the earnest money? |
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Name:
Fred
| Date: May 31, 2007, 12:03 am
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Answer:
Unfortunately, no. This is especially true since your agent referred him to their mortgage company and they denied him. Reference your financing contingency clause in your purchase contract. Most likely the reason that he can't get a hold of his original Mortgage Broker is that he didn't qualify to begin with. Good Luck but I think he's entitled to his escrow deposit based on your information above.
www.FredTomaro.com |
| Name:
k
| Date: December 9, 2007, 2:21 pm
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