Concerned by the situation of an options contract.?
I went into an option agreement in June Property is still under construction and available November 1. The seller has problems with the conditions of your mortgage and want a mortgage me now. I can not because of credit problems. Initially, he offered a refund of my deposit considerable, but he now says that the conditions your mortgage can not change, but November is fast approaching and do not know for two weeks if we can close the property. He also said that my monthly payments may be higher than in the contract. I can not pay more. I need my deposit to look elsewhere. The agreement original is made in writing and state the rental start buying / November 1. Do I have any legal recourse for a refund my deposit (the contract provides it is refundable), because the seller does not currently possess the property, no other witnesses in the contract and I do not think your lender know of his intention to lease option the property?
No matter if your contract states that the deposit of non-refundable, have no goods you have hired. If you want the house, tell him you want your deposit if the house today and is available in two weeks, and has not made other arrangements, you look at it again. Failure to close on the loan, regardless of the lender knows. If you do, and they think it will be "owner occupied" is to commit mortgage fraud. If a contractor who builds and sells houses often, he also the final mortgage and NOO (non-owner occupied) property and, if so, what he has done nothing wrong. If you do not have the money or other assets available, I think you have a strong case. If you do not "cough" your money, tell your next conversation with his being lawyer. Then have a lawyer draft a letter demanding money and send it by certified mail, so that you can not say we never received. I did a lot of L / S, but has never had to refuse to give someone their money back if you do not own. I think we can wait two weeks to see if funding for. Tell him that you only pay what they originally agreed, however, and will fill the difference will not. Good luck to you.
Recourse vs. Non-Recourse Blog Video