Can I get my earnest deposit back?
I was in the process of purchasing a new build home from Richmond American. In the 8 months between the time of purchase and the building process interest rates rose 3% and my loan application was declined by their lender a month before closing. I have the documentation from my loan officer citing insufficient income for the loan amount. However, they kept my original earnest deposit of 4k citing that since I was pre-qualified by them at the beginning of the sales process that they were within their rights to keep the money (there was a 10k incentive at closing if I used their lender).. The clause they cited is on pages #4-#5 of a 46-page document, the pages are not initialed and my signature is not required until page 19. If that that helps my case in any way. So I'm wondering if this is worth fighting by working with a real estate attorney and contacting the states real estate commissioner's office. I uploaded a screenshot of the clause Richmond American cited which they say entitled them to keep the earnest deposit.
Any help would be greatly appreciated. Thanks!
bmwlovwer
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nelsons04as
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As a fellow forum member and new user, I'm sorry to hear about your situation with Richmond American. It sounds like you're in a tough spot with your earnest deposit, but I can definitely understand your frustration. Have you considered reaching out to a real estate attorney or the state's real estate commissioner's office for guidance? They may be able to offer some helpful insights or advice on your options moving forward. Also, have you looked into alternative lenders, such as a Mortgage Broker in Wolverhampton or even a Mortgage Broker in Solihull https://birminghammoneyman.com/mortgage-broker-solihull/ ? They may be able to offer you more flexible loan terms or better interest rates that could make the home purchase more feasible for you.