Legal Question in Real Estate Law in Florida

Buyer never applied for a loan

I have a FARBAR contract to sell my home. The buyer was to ''diligently seek a loan approval and satisfy the conditions of that approval by the closing date''. He never applied for a loan. He gave me a pre-approval letter indicating he applied with a mortgage broker and was qualified for the required amount of financing- but then he instructed his broker to hold the package until his credit score improved so he could get a better rate. The contract financing contingency only calls for him to obtain 95% loan- no parameters- fixed or adjustable. He kept my home off the market for 30 days and did nothing to obtain a loan. I say he isn't entitled to a return of his deposit because he has breached the contract. What do you think?


Asked on 1/09/05, 12:11 am

1 Answer from Attorneys
David Slater David P. Slater, Esq.

Re: Buyer never applied for a loan

If he makes a claim against you , you can call me.

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Answered on 1/09/05, 5:53 pm


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