Deposit question

[Nez]

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.

 

[justalayman]

My question: Is is possible for me to recover my deposit ( or at least part of it)?

Did you miss this part of your post?

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 presume that clause was written concerning the failure of the buyer to complete the transaction. If so, it appears you have provided your own answer.

 

[HomeGuru]

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.

**A: A no doc loan is a a dinosaur loan.

########

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)?


**A: yes, with an excellent attorney.