EARNEST MONEY

[SUSAN&CHRIS]

HI! WE LIVE IN AZ. IN 5/99 WE GAVE OUR BUILDER $7,500 AS EARNEST MONEY & SIGNED A NON-REFUNDABLE ADDENDUM STATING "ALL EARNEST MONEY IS NON-REFUNDABLE TO BUYER" ALONG WITH THE USUAL NEW HOME PAPERS. WE WERE PRE-QUALIFIED FOR THE LOAN, AS LONG AS WE MET THE CONDITIONAL STIPS, I.E. INCOME. MY HUSBAND'S INCOME, WHICH IS MOSTLY COMMISSION, WENT DOWN DRASTICALLY IN '99. I WENT BACK TO WORK TO TRY TO BRING UP OUR STATED INCOME FOR '99. THE MTG. CO. WITH WHOM THE BUILDER USES TURNED US DOWN, BUT FOUND, AS A BROKER OTHER FINANCING, WITH A MUCH HIGHER PAYMENT. WE STILL HAVE NOT HEARD ANYTHING ABOUT OUR APPROVAL, HOWEVER THE BUILDER WANTS US TO CLOSE WITHIN 7 DAYS! WE CANNOT AFFORD THE NEW PYMT THE MTG CO. QUOTED THAT IT MAY BE--IT'S $200+ OVER THE PREV. STATED PAYMENT. CAN THE BUILDER STILL KEEP OUR $7,500 EVEN THOUGH, THROUGH NO FAULT OF OURS, OUR INCOME IS LESS, AND THE PAYMENT WILL BE MORE. AS I SAID, WE STILL HAVE NOT BEEN APPROVED IN WRITING--YET OUR WALK-THROUGH WAS TO TAKE PLACE ON 1/10/00. WE DID NOT ATTEND AS WE HAD NOT BEEN NOTIFIED OF BEING APPROVED. THE BUILLDER KNOWS THIS, YET SENT US A REGISTERED LETTER STATING THAT WE HAVE 7 DAYS TO CLOSE. THANK YOU VERY MUCH FOR YOUR EXPERT ADVICE!

SUSAN&CHRIS

 

[ALawyer]

While this is NOT expert advice, as only a lawyer in Arizona could give that, and I am not an Arizona lawyer, it really depends on exactly what the papers that you signed say.

You should always have a professional review them FIRST and while you didn't do that, go to a good real estate lawyer now (check out attorneypages.com) and get some specific guidance. It is a lot cheaper that losing the $7500. Also, once a lawyer gets involved the other parties are far less likely to take advantage of you, and the lawyer can write a "lawyer's letter" etc.



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This is intended as general information only and NOT LEGAL ADVICE. You are not my client, and I have no obligation of any kind to you. To retain a lawyer, go to http://AttorneyPages.com