If I was attempting to purchase a used mobile home in a park for $24,000 and put down $10,000, since I couldn’t qualify for financing when do I get my deposit back?

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If I was attempting to purchase a used mobile home in a park for $24,000 and put down $10,000, since I couldn’t qualify for financing when do I get my deposit back?

I was told that I would stand a better chance for obtaining financing if I put $10,000 towards the purchase, so I did. I now find out I don’t qualify for financing How long should it be before my money is returned?

Asked on September 11, 2015 under Real Estate Law, Florida

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

You can only get your deposit back if there was a "financing contingency" in the contract or agreement i.e. if there was a contractual provision or term stating that if you did not obtain financing, you'd get your money back. Or some other provision allowing you your money back under the facts or circumstances of this situation. Otherwise, they can keep your deposit a seller may keep a deposit, unless there is a contractual provision requiring its return, when the buyer cannot or does not go through with the transaction, even if the reason the buyer does not go through with it is not due to the buyer's own fault such as because the buyer cannot obtain financing.


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