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.
My mom bought a house and sign the contract for a new construction back to Dec, 2007. The contract was to pay the cash since she is a foreigner and cannot get the loan here. The house is scheduled to close this April. Her original plan was to come here and live in the house. But she just got her visa rejected. Based on her nationality, age, and marrige status, it would be hard for her to come to U.S. and stay more than 6 months in the furture once she has a rejection in her visa history. And also since the stock market was terrible in the past several months, the cash she has is no longer enough to pay for the house. Based on the above 2 factors, she wanted to get out of the contract. She paied >20K for the deposit already. Is there anyway that she can get the deposit back?
My mom bought a house and sign the contract for a new construction back to Dec, 2007. The contract was to pay the cash since she is a foreigner and cannot get the loan here. The house is scheduled to close this April. Her original plan was to come here and live in the house. But she just got her visa rejected. Based on her nationality, age, and marrige status, it would be hard for her to come to U.S. and stay more than 6 months in the furture once she has a rejection in her visa history. And also since the stock market was terrible in the past several months, the cash she has is no longer enough to pay for the house. Based on the above 2 factors, she wanted to get out of the contract. She paied >20K for the deposit already. Is there anyway that she can get the deposit back?
Any suggestion will be highly appreciated!
She needs to talk to her Real Estate attorney ASAP. That is the best place to start.
She needs to talk to her Real Estate attorney ASAP. That is the best place to start.
You will get no better advice than that.
Sorry for your mother's troubles, but get an attorney to review the case before you say anything else.
My guess is that the deposit is gone, unless the contract has a contingency to cover it.
But, you need a good real estate attorney, for sure.
She put $20K down on a house before she got a visa????
I think she needs a 20K bailout!
I doubt a builder will be prepared to return your deposit. I sure as heck wouldn't. You make your bed, you lie in it.
How about this for an idea, Original Poster? I'm no legal or real estate expert here but... why don't you renegotiate the contract with your name included? Mom could pay as much cash as she can, while you mortgage the rest. That way, you won't lose your 20K and the builder has his sale.
Your mom could live in the house 6 months a year or even rent it out until the market picks up and she sells it.
So apparently she didn't even have a real estate lawyer involved when she made the deal and signed the contract, in a foreign country? Jeez. Talk about doing exactly the wrong thing. Good luck, because it sounds to me like she's just going to lose the deposit.
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.
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.
