Will I loose my earnest deposit?

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Will I loose my earnest deposit?

The contract was executed by both parties on 1/26. It
contained contingency of obtaining the financing. The first
lender denied loan due to Hoa not having enough in their
reserve. I have contacted another lender- finacing has been
denied as well due to the hoa not providing the reserve
study. Per contract, 30 days were given to find financing. It
has been 45 days now, and the lender provided a denial
letter. The letter along with release of deposit were provided
to the listing agent. The seller has not signed it. Will I get my
deposit back?

Asked on March 16, 2018 under Real Estate Law, Florida

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

What does the contract state? That is what will govern.  And really it does not seem as if the denials were anything you could control and no fault of yours since it is the HOA that is the obstacle.  Generally when deposits are forfeited it is because the buyers can not qualify based upon their personal circumstances.  Seek help. Good luck.


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