In need of legal advice for Real Estate
My husband and I are first time home shoppers, we were in the process of buying our first home, but the real estate agent and loan officer could not get us to close on time. At our second addendum/extension the Real Estate bank request to continue the extension only if we release the $1000 Ernest money to them…
At that time everything was on track our loan officer and real estate agent gave us the assurance and the impression everything is going to be OK we just needed more time. So my husband and I felt like we were taken care of, they told us we were qualified and met all the requirements. So we sign the addendum…
It turns out we were not qualified and lost the deal. Supposedly, the week after Memorial day (05/25/09) FHA raised their credit requirements from 580 to 620. We met the 580+ but unfortunately our credit did meet with the New 620 even though we have been trying to close the house since March 31, 2009.
We put in 4 months $1700 and all I got was a Sorry…We are asking for some legal assistance. Is there any way we can fight for our Earnest Money back.
Technically we never backed down and the purpose of losing the earnest money is if you change your mind or back down. We have not signed the final denial and cancellation paperwork, because we still promise to buy the House.