U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 05-21-2015, 05:03 PM
 
Location: Denver CO
19,178 posts, read 10,200,595 times
Reputation: 28068

Advertisements

Quote:
Originally Posted by captchaos145 View Post
Yeah but your payment is much higher for the 15 year loan. The rate should not be MUCH higher. Take the 30 and do a 15 year pay plan. I agree you seem way too casual about the $7k. Call the Banking Commission.
Why would the Banking Commission have anything to do with this? It's the seller and/or seller's real estate agent who would be holding the deposit. I'd say to contact the Real Estate commission or whatever the local authority that covers them is.

And if your attorney has sent in the necessary paperwork, have him or her follow up with a formal written demand letter threatening suit if the money is not returned promptly.
Reply With Quote Quick reply to this message

 
Old 05-21-2015, 07:36 PM
 
4,248 posts, read 10,265,696 times
Reputation: 3110
Why did you pay them the down payment already? I've bought 3 homes before and always handed the check at closing when I got the keys to the house.
Reply With Quote Quick reply to this message
 
Old 05-22-2015, 09:11 AM
 
4,551 posts, read 11,589,235 times
Reputation: 3070
Quote:
Originally Posted by louie0406 View Post
Yes but at a MUCH higher interest rate that I was not interested in paying. I only considered buying the coop due to its affordable price and being pre approved at a decent rate.
How much was the rate difference?
Reply With Quote Quick reply to this message
 
Old 05-22-2015, 01:08 PM
 
10,296 posts, read 6,593,857 times
Reputation: 10866
Quote:
Originally Posted by piyf View Post
Why did you pay them the down payment already? I've bought 3 homes before and always handed the check at closing when I got the keys to the house.
I think because it's a co-op and you don't own the land you own a share of the land.
Reply With Quote Quick reply to this message
 
Old 05-24-2015, 10:39 PM
 
Location: Denver CO
19,178 posts, read 10,200,595 times
Reputation: 28068
OP hasn't been back to update but I assume that as a first time buyer, he got the terminology mixed up and is referring to earnest money when he said down payment.
Reply With Quote Quick reply to this message
 
Old 05-28-2015, 12:39 PM
 
Location: Phoenix, AZ area
2,945 posts, read 2,438,840 times
Reputation: 3388
He didn't get denied for a loan, only for a 15 year loan. They have every right to keep the earnest money because you would qualify for a different loan and fulfill your end of the agreement. You made a stupid decision and put in an offer on something without securing financing that you were comfortable with first. Welcome to the real world, decisions have consequences.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top