cancelled contract

What is the name of your state? fl
my husband and i made an offer on a condo. we agreed to close within three weeks because the seller was moving away and wanted us to do it quickly. it so happens that we were unable to get financing by that time, so our broker made a verbal agreement with the seller to extend by 2 weeks. we were still not able to get financing so the seller cancelled the contract. we are now trying to get our downpayment of a thousand dollars back, but the seller only agrees to give back half. we didn't agree to that and she said we can deal with it in court. i don't want to go that route, but i don't believe she has any rights to any of the money because she cancelled on us. this was a privately done deal between the seller and us and everyone is telling us that it's up to her, but i thought that the deposit had to be returned if the buyer can't obtain financing within the specified time frame. what can we do?

[HomeGuru]

Originally Posted by khayed

What is the name of your state? fl
my husband and i made an offer on a condo. we agreed to close within three weeks because the seller was moving away and wanted us to do it quickly. it so happens that we were unable to get financing by that time, so our broker made a verbal agreement with the seller to extend by 2 weeks. we were still not able to get financing so the seller cancelled the contract. we are now trying to get our downpayment of a thousand dollars back, but the seller only agrees to give back half. we didn't agree to that and she said we can deal with it in court. i don't want to go that route, but i don't believe she has any rights to any of the money because she cancelled on us. this was a privately done deal between the seller and us and everyone is telling us that it's up to her, but i thought that the deposit had to be returned if the buyer can't obtain financing within the specified time frame. what can we do?

**A: read your contract for the answer as there should be a financing contingency deadline. If it was a private deal, why is your broker invovled?
And if your broker is a real estate broker, he/she should know that verbal extensions to the written contract means nothing.

What is the name of your state?fl
the deadline was 30 days from the effective date. Do we have any rights to the total amount or should we just settle for the half?

[HomeGuru]

Originally Posted by khayed

What is the name of your state?fl
the deadline was 30 days from the effective date. Do we have any rights to the total amount or should we just settle for the half?

**A: that information is of no help.

six weeks after we signed the contract, we were not able to get financed. The contract states that after thirty days the buyer or the seller can break the contract if a loan isn't secured. We asked the seller for more time but she was unwilling. We changed brokers to show the seller that it wasn't our fault and that we were willing to prove that we could get financing, but she wasn't interested at that point. So the deal fell through and I want to know if we are entitled to our full deposit back because she broke the deal and we were willing to work it out.