Is there any way to take out earnest deposit? (real estate, mortgage) - Raleigh, Durham, Chapel Hill, Cary - North Carolina (NC) -The Triangle Area - City-Data Forum

aries786 · 10-22-2008, 04:03 PM

Is there anyway to take out earnest deposit from Pulte? I had to backoff due to the current economic crisis.

sls76 · 10-22-2008, 04:21 PM

Does your contract say you can cancel due to economic crisis and get your deposit back? I doubt it. I don't mean to make light of your situation, but I don't think you'll get a dime back.

BTW, wasn't the economy in crisis when you signed the contract?

North_Raleigh_Guy · 10-22-2008, 04:26 PM

You need to talk to your RE attorney for help on stuff like this.

Good Luck!

saturnfan · 10-22-2008, 05:24 PM

If your mortgage falls through perhaps you can get out of the contract with an escape clause.

Check your contract. If so, pass any new info to the lender to see if they no longer want to finance you.

DanielChang · 10-22-2008, 10:28 PM

First talk to your real estate agent, then, if need be, your real estate attorney. It will depend on the contingencies written into your purchase contract.

CaliBoy · 10-23-2008, 12:42 AM

Looks pretty clear what your next plan of attack will be. Get informed by RE Agent and/or Attorney. But let us know what comes about, Aries.

coltank · 10-23-2008, 08:17 AM

What is it about the "economic crisis" that is wanting you to get your money back? BTW, the more people start backing away, the more it will lead to an "economic crisis".

aries786 · 10-23-2008, 08:52 AM

Its the HIGH interest rate and fear of recessions. With that high intetest rate 7%, when I was signing the contract it was 5.5, I cant keep up my monthly payments. I will try to contact RE attorney, does anyone know any good attorney?

DanielChang · 10-23-2008, 11:14 AM

Quote:

Originally Posted by aries786

Its the HIGH interest rate and fear of recessions. With that high intetest rate 7%, when I was signing the contract it was 5.5, I cant keep up my monthly payments. I will try to contact RE attorney, does anyone know any good attorney?

Was there a rate cap contingency in your purchase contract?

sneezecake · 10-23-2008, 11:53 AM

Quote:

Originally Posted by aries786

Its the HIGH interest rate and fear of recessions. With that high intetest rate 7%, when I was signing the contract it was 5.5, I cant keep up my monthly payments. I will try to contact RE attorney, does anyone know any good attorney?

What are you talking about? Today's rate is around 5.75% on a 30 year fixed...