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buyer unable to gain financing how to get (escrow money back) please help

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jaywilliams

Junior Member
undefinedWhat is the name of your state? Illinois. Buyer was unable to gain financing and is in need of is escrow money. What if anything can be done to help him?



Thank you,


Jason Williams
 


jaywilliams said:
undefinedWhat is the name of your state? Illinois. Buyer was unable to gain financing and is in need of is escrow money. What if anything can be done to help him?



Thank you,


Jason Williams
There should have been/should be a finance contingency in your contract. It should effectively state that if you cannot secure financing within X amount of days of being in contract that you can cancel the contract with no penalty (i.e. get your deposit back).

If you are beyond the contingency period hopefully there is another contingency period that had not passed. If you have removed all contingencies, you pretty much have now way of getting your deposit back. BUT the seller can only keep your deposit if they suffer damages, meaning if they cannot sell the house for the same price or more; or if somehow you backing out has cost them money.

You Realtor should have these details and be able to advise you, though. Why are you asking us?
 

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