I am in chicago, ill.
In 2006 I entered into contract to buy a preconstruction condo and paid 10% of the puchase price.Plus i added some minor improvements. all together it is 50K.
Delivery is january 2009.
now i am not able to obtain a loan. I have a bank which promised me to give a mortgage... most likely it will fall through. Because I am seaching "no doc" loan... I have excellent credit 800+ but loans like this do not exist.
In my contract there is a provision that "seller shall retain the earnest money,(together with improvements).... as liquidated damages." Not so smart from my side.... I know.
I entered into contract in june of 2006. Now is the end of 2008. The mortgage industry changed drastically, real estate prices too. I do not want this condo anymore.
My question: Is is possible for me to recover my deposit ( or at least part of it)?
Thank you for the reply.
In 2006 I entered into contract to buy a preconstruction condo and paid 10% of the puchase price.Plus i added some minor improvements. all together it is 50K.
Delivery is january 2009.
now i am not able to obtain a loan. I have a bank which promised me to give a mortgage... most likely it will fall through. Because I am seaching "no doc" loan... I have excellent credit 800+ but loans like this do not exist.
In my contract there is a provision that "seller shall retain the earnest money,(together with improvements).... as liquidated damages." Not so smart from my side.... I know.
I entered into contract in june of 2006. Now is the end of 2008. The mortgage industry changed drastically, real estate prices too. I do not want this condo anymore.
My question: Is is possible for me to recover my deposit ( or at least part of it)?
Thank you for the reply.
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