Profile picture for eromanj23

My contract has extended three times seller wants to pull out

My contract has extended three times  and the third is expired now the seller wants to pull out can I get my Earnest money back? the delay was in the lender who pre approved us then after 30 days of escrow they came back and said we are not approved . the lender asked us to make some changes and we complied. we are now hitting 60 days and we have not closed due to the lender losing paperwork we submitted three times but they failed to let us know they lost it. now the seller is fed up and wants to pull out can i get my Earnest money back ?
  • March 19 2014 - Nashville
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Answers (13)

Almost most Tennessee purchase contracts have a financial contingency. If this is the same case for your and the seller no longer wishes to go forward, then I would have your agent ask for the EM. If any issues arise then consult an attorney. From what you have said I have gathered that you have met your obligations to the contract, but the lender has not. Financial contingency clearly states that contract is binding if funds are obtained by the buyer. As for the seller, he or she had the option of not renewing the contract.
My best advice to you is to consult a closing attorney. A lot of them do offer free consultations.
  • January 07
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Read your sales contract, regarding financing contingency you should receive your earnest money back if you can't get financing. Discuss with your realtor, and if they don't  know speak to their broker. Also, get another lender.. if you need a list of reputable local lenders, give me a shout out.
  • March 20 2014
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Profile picture for sunnyview
I think you have a bad lender, you may have a bad agent too. Now it's time to move on. Let it go and start over with some new faces. Most standard purchase contracts have a financing contingency. That means if you do not meet the requirement to get a mortgage approved within a set time, the deal is off and you get back your earnest money.

Check your contract and spend time addressing any credit issues before you make another offer.
  • March 20 2014
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Profile picture for eromanj231
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  • March 20 2014
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Profile picture for eromanj231
I was on top of the lender on a daily basis and they would tell me they had everything they needed and everyhting was fine and then out of the blue they would ask for paperwork I submitted no kidding three times .
they would confirm they had everything and then weeks later they are asking for the same paperwork .
and the credit score was the only issue which was fixed in two days. I dont blame my agent bc it seems liek we were doing the lenders job what took them 3days to processe we were able to get in 5 mins ..
  • March 20 2014
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This is the lenders fault not the agent. The lender should have been ontop of the paperwork and quite frankly you should have been checking in with the lender on a daily basis to see the updates.
  • March 20 2014
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Profile picture for sunnyview
" I dont blame the seller at all I would be veryupset as well but this is the lendor our agent recommended. "

The seller should cancel escrow and you should reconsider your choice of agent and lender. I understand that it would be nice to be able to blame someone, but it is your credit that is an ongoing issue. 

If the people you chose to work with have not bee helpful or honest, it's time to move on and hire new people.
  • March 20 2014
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Profile picture for eromanj231
The lendor loan offcer lost our papework and after 30days in escrow and  came back and said our file was rejected this after we move out of our house with no place to live. We then resubmitted all over again to bring our credit score up. Our credit score was infact better than it was when we were 1st approved but it took them 30days to tell us that. so now there aprpoved us a second time now its 60days  and we are almost ready to close any day now and I dont blame the seller at all I would be veryupset as well but this is the lendor our agent recommended. the Agent has been really great about it trying to clean up the mess that the lender has made but still everone is at a loss ..I wish they would have told us we were not appoved rather than wait untll the end of escrow to tell us
  • March 20 2014
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  • March 20 2014
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once your EM is in escrow you can only get it back if both parties agree. One might be able to argue that your financing contingency was not fulfilled but in essence you did not live up to your contract. Your decision to go with that specific lender caused the seller damage, he took his house off the market, lost tons of time and was frankly pretty patient. Any idea what the reason for this lender problem is?
  • March 19 2014
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Profile picture for wetdawgs
Ask your agent.  Probably not.   Agents can suggest lenders, but agents don't chose lenders.

It is painful to lose your earnest money, but what you are learning is that everything on the buyer's side is considered the buyer's responsibility (just as everything on the seller's side is considered the seller's responsibility).  There are many team members on both side, but the buyer and seller are ultimately responsible.  


  • March 19 2014
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Profile picture for eromanj23
can I make the lender liable ? The Agent chose this lender for us
  • March 19 2014
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Profile picture for wetdawgs
It appears that you've not met your contractual obligations due to some issues with your lender.   Depending on the contract details, most likely seller would be within their rights to retain the earnest money.   If I were a seller, I would be fed up too and I would fight hard to keep the earnest money.    Your agent may be able to address the issue as your agent knows your contract.      While you may say "it wasn't my fault, it was the lender's fault", you chose the lender.

  • March 19 2014
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