We purchased a home with owner financing with 20,000. down. for one year. We can now not get a mortgage. Can we get some of our money back?
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We purchased a home with owner financing with 20,000. down. for one year. We can now not get a mortgage. Can we get some of our money back?
The home was purchased with 20,000 down owner financing. There was a closing through a law firm in town. After one year, we were suppose to obtain financing for the home. The home had a bond for title that was not recorded, and the financing we obtained, the owner would not accept. This was right before the bank crash, and two weeks before we closed, all home loans were cancelled. With the current market we cannot obtain a loan. We have put about 10,000 more into the house to make it livable. Is there anyway we can get some of our deposit back?
Asked on June 5, 2009 under Real Estate Law, South Carolina
Answers:
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
I can't say your chances are good, but I don't think it's impossible; I can't be any more definite than that, because I'm not a South Carolina attorney and I don't have all of the facts. You need to have a lawyer look at the documents, and the rest of the case, for advice you can rely on. One place to look for an attorney is our website, http://attorneypages.com
Courts don't usually like re-writing contracts for people, but sometimes, if one side has its attorneys draw up the contract and the other side is put at too much of a disadvantage, fundamental fairness can limit how far a contract can be enforced. Fine details in wording can make a very big different in cases like this.
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