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10-22-2005, 01:25 AM
| | Junior Member | | Join Date: Oct 2005
Posts: 4
| | | seller wanting to sue
What is the name of your state? florida
My husband signed a preconstruction contract 7 months ago on a home. The lender required a preapproval(without documents for verification) at the time of the contract. We do not qualify at this time.The builder has threatened to sue for specific performance. (section 6. reads Earnest Money in the event buyer refuses to complete purchase herein, Seller, at his option may require specific performance or retain the earnest money as liquidated damages and treat this contract at an end. If the earnest money is returned to Buyer for any reason, twenty one working days to clearance of buyer check will be allowed before disbursement.)
Please give advice.
Last edited by blancam23; 10-22-2005 at 01:45 AM.
Reason: long
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10-22-2005, 08:25 AM
| | Senior Member | | Join Date: Aug 2005
Posts: 1,964
| | | So did you sign a contract knowing at THAT time you did not qualify for a loan?
What changed between signing of the contract to now that you can not qualify?
Is there a financing contingency in the contract?
IF you still want the property start searching for a good Broker and the subprime market lenders. NOW! |
10-22-2005, 10:23 AM
| | Junior Member | | Join Date: Oct 2005
Posts: 4
| | | seller wants to sue
No we can't afford the home.
contract reads if after a reasonable time, not to exceed 60 days, buyer is unable to qualify he shall be refunded his earnest money deposit less cost incurred on his behalf such as credit reports, appraisal fees.
Lender went over finances two weeks ago without documents and stated we dont qualify. |
10-22-2005, 12:37 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
| | Quote: |
Originally Posted by blancam23 No we can't afford the home.
contract reads if after a reasonable time, not to exceed 60 days, buyer is unable to qualify he shall be refunded his earnest money deposit less cost incurred on his behalf such as credit reports, appraisal fees.
Lender went over finances two weeks ago without documents and stated we dont qualify. |
**A: then since the 60 days have passed you should get some money back. |
10-22-2005, 03:07 PM
| | Junior Member | | Join Date: Oct 2005
Posts: 4
| | | seller threatening
We will get a refund even it has been over 60 days since the signing of the contract (3/12/05)? I was not able to get a job transfer, interest rates are higher, we no longer have the cash since we have been helping my recently widowed father, my husband has not found a job in the area either and his hours have gone down due to the hurricanes.
thanks for your help.
Last edited by blancam23; 10-22-2005 at 03:11 PM.
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10-23-2005, 04:20 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
| | Quote: |
Originally Posted by blancam23 We will get a refund even it has been over 60 days since the signing of the contract (3/12/05)? I was not able to get a job transfer, interest rates are higher, we no longer have the cash since we have been helping my recently widowed father, my husband has not found a job in the area either and his hours have gone down due to the hurricanes.
thanks for your help. |
**A: hire an attorney to review your contract. | |
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