Legal Question in Real Estate Law in Florida
Can I get my deposit back?
I entered into a contract to purchase
a townhome at pre-construction
cost. The builder required a pre-
qualification letter from a lender
approved by the builder before I
could sign the contract. A mortgage
lender was in their office at the time,
I got pre-approved and gave them a
$10,550 deposit. Now, just before
closing, the bank denied my loan,
even though I now earn a higher
salary then I did at the time of pre-
approval. I applied for a loan with the
same bank through a different
broker who told me I did not qualify
for the loan in the first place. I have
applied with 3 other banks who have
all denied me as well. Is there a
chance I can get my deposit back?
The builder has now sent me a letter
stating that if I do not close on the
home within a certain time frame
they are selling the home and suing
me for damages.
HELP!!!
3 Answers from Attorneys
Re: Can I get my deposit back?
Without reading the contract and mortgage commitment no one can answer you.
Re: Can I 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.
It would be necessary to review the terms of your Contract and mortgage commitment. It is possible that you may have a fraud claim against the developer if their mortgage loan officer falsely gave you a prequalification letter in order to induce you to enter into the contract. On the other hand, many lenders have tightened their lending practices as a result of the declining market and if this is the cause of your denial, you may be out of luck.
You need to meet with a qualified real estate attorney to review all instruments and for the attorney to provide answers to your questions. Be forewarned, there may not be a definitive answer to your problem, however.
Scott R. Jay, Esq.
Re: Can I get my deposit back?
Yes, there is a chance to get your deposit back. I highly recommend that you contact a qualified professional in a timely fashion.
Andrew Jackson, J.D., LL.M.
Juris Doctor - Master of Laws
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