down payment

[Kenn Palmer]

State of Wisconsin

Attempted to buy home from a friend, without using a real eastate service or lawyer. The price of the home was to be $118,000. I gave this person $52,000 as a down payment and he wrote me a reciept of sale. My finacing with the bank for the rest of the money was turned down. The seller then returned only $41,000 of the down payment to me, saying he was keeping the remainder to cover his inconveniences.

My questions are: Can I get my money back?

Since he delivered a signed sale contract at the time I gave him the down payment, does this not constitute a sale of propeerty with me just owing the differernce?

 

[HomeGuru]

State of Wisconsin

Attempted to buy home from a friend, without using a real eastate service or lawyer.
**A: Bad move, very bad move.
And your situation just supports the argument to use the services of experts when buying or selling real estate.
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The price of the home was to be $118,000. I gave this person $52,000 as a down payment and he wrote me a reciept of sale.
**A: Bad move, very bad move.
You don't give the Seller the money directly. You have to use a third party bonded and insured company that will hold the funds in trust such as escrow or closing attorney.
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My finacing with the bank for the rest of the money was turned down. The seller then returned only $41,000 of the down payment to me, saying he was keeping the remainder to cover his inconveniences.
**A: Typical situation.
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My questions are: Can I get my money back?
**A: Maybe.
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Since he delivered a signed sale contract at the time I gave him the down payment, does this not constitute a sale of propeerty with me just owing the differernce?
**A: How should I know? Being that you tried to do it yourself, the contract may be all screwed up and unenforceable. Now you need to hire that attorney that you should have hired in the first place.