Legal Question in Real Estate Law in Illinois
I put $10,000 in earnest towards a home. I cannot do a conventional loan because of my credit score so was doing a FHA loan. The appraisal came back $33,000 less than the contracted sale price. The appraiser stated he does not support the contracted sale price and FHA will not give me the loan. Can I get my earnest $$$ back????? Please HELP!!
2 Answers from Attorneys
In a typical contract, there would be a financing and/or appraisal contingency that would provide for the refund of earnest money if the contingency is not satisfied. Provided there was a contingency that applied and the notice requirements were followed, you should receive your earnest money back. Speak with your closing attorney or real estate agent agent.
I agree with Mr. Repay - you need professional guidance to review the contract and understand your rights. Depending on the contract you may wind up losing your rights if you don't act in a timely!
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