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How do you get deposit money back when bank will not finance the house?

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put deposit down on foreclosed home but when CL 100 report came back bank stated it would not finance unless seller made repairs. FNMA would not make repairs so had to walk away but now cannot get earnerst deposit money back. Filled out release form and signed by my broker and agent but listing broker says court must tell him what to do with deposit money.

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October 28 - Greer

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Jason Bonas, "Jason Bonas"
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Jason Bonas, "Jason Bonas"

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I would suggest first rereading your contracts for a finance contingency, then I would check the FHA paper work. Because FHA many times has repair/condition stipulations that state "if repairs are not made or home doesnt appraise for value" the loan will not be issued and deposits to be returned. If after all of that has been done then get an attorney.

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November 01

jkonstant
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jkonstant

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You need to understand your state laws concerning escrow/good faith money. I don't know them all, but the several states I am familiar with are all very clear and as follows. It does not matter whether your contract states you are entitled to a return of the money. It cannot be returned unless all parties agree in writing. It must be held until then or disbursed as ordered by a court. In other words a broker holding it will violate state law if they return it without written approval or court order.

Personally I don't have an issue with this. I do have an issue with agents ignorant to this fact or knowingly letting their buyers enter into a contract absent of this clear understanding.

The law supercedes the contract and it is unfortunate agents don't tell their buyers and the contract fails to spell this out. If buyers knew, they would be reluctant to leave large deposits or buy at all.

It is a terrible and unethical practice by realtors and yet another example how NAR fails to make an honest effort to benefit the public.

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November 01

Sheila Newton, "Sheila Newton Team"
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Sheila Newton, "Sheila Newton Team"

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did you have a buyers agent? or were you a customer?.. i would not let a buyer of mine sign a contract without it having a financing contingency.. in 20 years of selling real estate, i don't think i have ever written a contract without that!! i sell a lot of bank owned properties and list a lot also, they all allow for the financing contingency, some however do not allow for the inspection contingency...

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October 31

Tiffany Bond, "TiffanyBond"
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Tiffany Bond, "TiffanyBond"

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Many sales contracts do not have inspection or finance contingencies (particularly in foreclosure or short sale situations where the seller feels as if the reduced price should give them a confirmed sale one a contract is drafted) - which may mean you might not be entitled to having the funds back.

Definitely read your contract for contingencies and consequences, and seek the advice of a licensed attorney.

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October 31

Sheila Newton, "Sheila Newton Team"
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Sheila Newton, "Sheila Newton Team"

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If seller refuses to give back the deposit, then you need to get an atty involved.. however, IF the seller is Fannie Mae which is my understanding from your question, it is very unusual for Fannie Mae to refuse to give back a deposit under the circumstances you described.. Of course, it all depends on what your contract states... i would advise before anything else, have your agent forward the denial to the listing agent's Broker in Charge.. with a letter stating you are requesting the deposit to be returned .. good luck

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October 31

-Penner Law Firm - -Hartford Title-, "pennerlawfirm"
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-Penner Law Firm - -Hartford Title-, "pennerlawfirm"

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Do you have an attorney involved in this, lawinesap? This should be pretty straightforward... just do whatever the contract says you need to do. Usually that just means forwarding the credit denial letter.

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October 28

sunnyview
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It sounds like the listing broker is playing games. What happens to your deposit is spelled out in most standard contracts. Mail both the listing broker and any supervising office broker a return receipt letter demanding the money with a set amount of time like 5 business days from the receipt of the letter. State that you intend to file a complaint with the local RE board and that you also intend to file a report of fraud with your local district attorney if your money is not returned. If you don't have a reply or a check within the 5 days after receipt as proven by the lovely post office tracking, hire an attorney and file the complaints as promised. Most smart brokers will send you your money before the complaint ever gets gets filed.

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October 28

Claire Bergman, "USDA FHA VA Mortgage"
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Claire Bergman, "USDA FHA VA Mortgage"

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Have your lender issue an official credit denial statement and submit this to your realtor. The buyer's agent (your Realtor) will work this out with the seller's agent. Provided that there's a financial contingency in your sales contract, then you are protected.

Feel free to call the listing agent's broker (owner) in case any further dispute is needed. Beyond that, you can contact the local real estate board.

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October 28

FriendshipProperties
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Your ability to get financing is a CONTINGENCY of the contract. If your unable to get financing you are entitled to your deposit, no questions asked.

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October 28

nealadler
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nealadler

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It all depends on what the contract says. You may need to contact an attorney.

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October 28

Chris & Maria Skrip, "REMAXBEAUFORTSC"
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Chris & Maria Skrip, "REMAXBEAUFORTSC"

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There usually is an interium process call Mediation through the local Board of Realtors. Assuming your Earnest Money check was made out to the bank or to the Listing Agent's office (the agent that is representing the bank). The refund of Earnest Money will be based on the real estate contract language. Also, have you hired your closing attorney for the real estate transaction yet? If so, they can probably assist you as well.

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October 28

Mark Brian, "markbrian"
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Mark Brian, "markbrian"

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When the listing broker said that a court must tell him what to do that is true IF the seller is refusing to release the earnest money.

I wish I could help you more! It sounds like you really need to discuss this with your agent, their broker and your attorney. I am not an attorney and no legal advice is intended.

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October 28

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How do you get deposit money back when bank will not finance the house?

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