Waiting On Financing

Question: My earnest money deposit on the real estate I am trying to buy in Berrien County, Michigan, has been held for over three months and I have not obtained financing. I have not received the home or a letter from the selling agent disputing the matter.

Answer: Usually, when a Buyer is purchasing a home with funding provided through a mortgage loan, the obligation of the Buyer to complete the purchase is contingent upon the Buyer obtaining the mortgage funding. Since you did not get the mortgage, then the purchase agreement should be terminated and you should get your escrow deposit back. Ask the selling real estate agent for your deposit back. You may show the selling agent a copy of this letter if you want. If the agent refuses, then report the agent to the Detroit Association of Realtors, 2111 Woodward Avenue, Suite 509, Detroit, Michigan 48201-3469, Phone: 313-962-1313, Fax: 313-962-0844.

Attorney: Mark Miller

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