All Forum Posts by: Tralecia K Young

@Bob Galivan

I have an attorney already working on it he’s just not keeping me in the loop with what I can do to be able to get it back I’m not familiar with the laws here in New York when it comes to the earnest deposit I’m gonna have to do a little bit of research to see what I can find.  thank you for your input I will reach out and see what else I can find out.

@Russell Brazil

Originally the house failed for appraisal due to some things that needed to be fixed when I had my contractor come out they were more damage that needed to be taken care of in order for it to pass so they decided that they weren’t going to cover the damages for the property so I wrote a letter of explanation to the mortgage lender stating that they weren’t going to do that and they issued a denial letter. They already knew that their property wasn’t going to pass because they weren’t going to cover the damages for the appraiser to come out to reinspect the property so they were pushing it out until we got the mortgage denial letter on the ninth but we had already issued the cancellation before that.

@Russell Brazil

We sent the cancellation several days prior though they just didn’t sign it. So my lawyer reached back out after they didn’t sign the original cancellation with the documentation of everything. 

@Nicholas Weckstein

My earnest deposit was $5000.

@Nicholas Weckstein

The date of the letter was on the ninth but I sent a cancellation like on the seventh stating that I wasn’t going to get mortgage contingency. I believe my attorney sent it over on the 10th but it was dated for the ninth. apparently my attorney was super busy that he wasn’t able to respond quick enough to send it the same day. I believe he spoke with the attorney and he’s just waiting back to hear what the seller wants to do.

@David Pai

The mortgage Contingency deadline was the ninth I got my disapproval on the ninth but I let them know beforehand that I didn’t obtain financing for the house.

Sellers won’t release earnest money deposit back after denial of mortgage from the lender. What are my options to get their earnest money deposit back?

@Wayne Brooks

You just made me laugh in a good way. I actually needed to hear that I just wasn’t sure how long these types of things take to get settled because my attorney just scared me when he said they might not ever sign it like what. Yes I am located in upstate New York.

@Ronald Allen Barney

Thank you for this information I will keep this in mind when talking to my attorney so I can get a better understanding of NARS. 

Just received a disapproval from the mortgage lender stating that due to the condition of the property they are not going to finance me. The last day for me to get financing was on the ninth. I received the disapproval letter on the ninth and it was sent over on the ninth. My lawyer sent over the cancellation to the sellers attorney and we haven’t received anything yet. I am waiting to get my earnest money deposit back, my attorney said that they don’t have to sign it and there is no timeframe to how long it will take for them to sign it. We are no longer under contract because that was the last contingency that needed to be met. What are the contingencies there for if they don’t protect you in the long run? What should I do now? How do I get my earnest deposit back?