Dishonest people NJ

[defleopard22]

What is the name of your state? NJ

We agreed to buy house at 535,000, we got it appraised. Appraisal came 20,000 short. We started renegotiating and seller came with bright idea of second appraisal. Our real estate agent and our mortgage person accepted second appraisal against our wishes.

We told our attorney to kill the deal based on mortage contigency clause. We were suppose to get mortgage contigency by 5th April, and on today beign 23th April we dont have any. Our attorney says he send out a letter to seller attorney stating the same. Now, he is asking for a letter from our mortage person that we dont have any mortgage commitment.

Our mortagage person is not giving us any letter and trying to get us a mortgage commitment based on second appraisal done by seller.

Our real estate agent is trying to scare us that we will loose 5% ernest money.

We have following Mortgage Contigency clause in our contract:

This agreement is contigent upon the Buyer obtaining a Conventional mortage at a prevailing rate of interest for 30 year with monthly payments based upon a 30 year payment schedule. The Buyer agrees to make immediate written application for such financing and to pay applicable origination fees or points. If a written mortgage commitment is not obtained by 5 April 2005, this contarct is null and void unless the Buyer waives the benefit of mortgage contigency clause by 10 Aptil 2005. At the buyer's request, the Seller may also extend the mortgage contigency date in writing prior to above commitment date. If there is no such written waiver or extension, this contract will have been canceled and deposit will be returned to the Buyer upon written receipt of written authorization from the parties.

Our real estate agent told us that she is buyer's agent, but now, we saw very carefully, she is being mentioned as dual agent.

We have given 5% as earnest money. and our real estate agent is weichert.

What are our options in this case.