Earnest Money Deposit California

[sandbag]

California

We have a contract that we put 20K down as a earnest money deposit. Basically, because it is a new condo property, and the occupancy is less than 50%, I cannot get anyone to finance this!!! Is there anyway to get my money back???

No where in the contract does it specifically state "non refundable", but it does say the following:

"$20K, and amount not to excced the money remitted by buyer iunder the terms of this agreement , sahll constitute liquidated damages payable to the Seller if Buyer fails to complete the purchase of the condominium because of default."

It is not my intention to default,....I just cannot get the financing.

HELP!

 

[FlyingRon]

"$20K, and amount not to excced the money remitted by buyer iunder the terms of this agreement , sahll constitute liquidated damages payable to the Seller if Buyer fails to complete the purchase of the condominium because of default."

That would make it non-refundable.

It is not my intention to default,....I just cannot get the financing.

Nothing mentions intent. Did your contract have a contingency on you being able to obtain financing?

 

[sandbag]

earnest money

I do not see a financing contingency anywhere....

 

[danno6925]

So, this guy took his property off the market and agreed to sell it to you. Now he's missing out on other potential buyers since he's thinking you're serious about buying his house. Turns out you failed to do any of your homework (making sure someone will lend you the money in advance is one of the major reasons deals fall through, so don't feel too bad) and now you can't get a loan. Tell me again why you deserve that money?

You signed a contract to buy a house. Since there's NOT a financing contingency, you do NOT have an out. What you have is a contract that states you will show up on settlement day. If you walk away from the contract, you walk away from the deposit.