Legal Question in Real Estate Law in Florida
How to get my deposit back
I bought a house from MI Homes, with 15K deposit. The contract said that if the purchaser, after having good faith effort to obtain a mortgage commitment, be declined in his attempt to secure said mortgage commitment, then the Seller, upon notification shall return the initial deposit.
After summitted the information they requested such as income and SS# to MI Home Financial, a week later they called me and told me that they couldn--name removed--get me a loan which allows me to pay $1,300.00 a month base on my income, etc. However, they can only get me a loan which I have to pay $2,100.00 a month, which is more than what I make a month.
Now I get a letter from MI Homes attorney telling me to close the house otherwise I will lose my $15k deposit.
My question is that can I refuse to accept this loan with $21,000.00 / month and ask for my deposit back.
Thank you very much,
3 Answers from Attorneys
Re: How to get my deposit back
You need to get a lawyer as soon as possible.
Re: How to get my deposit back
Mr. Stewart is correct. You need to have an attorney deal with their attorney because it sounds like they are pulling a fast one, but I would have to read your agreement to be certain.
Re: How to get my deposit back
NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.
The answer to this question depends upon the terms of the mortgage contingency in your Contract. Without reviewing the actual Contract, it is impossible to give any accurate response as each contract varies.
If the terms of the loan that you had to qualify for were clearly spelled out, and the loan being offered does not comport with the terms, then they must return your deposit. I would strongly suggest that you consult with a qualified real estate attorney who is experienced in handling matters of this nature.
Scott R. Jay, Esq.
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