Real Estate Law

Have real estate law questions? Ask a real estate lawyer.

Ask a Lawyer,
Get an Answer ASAP!

CAN YOU LOOSE EARNEST MONEY IF LENDER IS HOLDING YOUR LOAN…

Customer Question
CAN YOU LOOSE EARNEST...

CAN YOU LOOSE EARNEST MONEY IF LENDER IS HOLDING YOUR LOAN FOR 5 MONTHS BECAUSE THEY CAN'T RECEIVE FHA number till 8/27/2017?

Lawyer's Assistant: Has any paperwork been drafted or filed?

With who /

Lawyer's Assistant: Where is the property located?

Phoenix az

Submitted: 1 year ago.Category: Real Estate Law
Show More
Show Less
Ask Your Own Real Estate Law Question
Answered in 1 minute by:
8/3/2017
Real Estate Lawyer: Ray, Lawyer replied 1 year ago
Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 49,574
Experience: Texas Attorney for 30 years dealing in real estate
Verified

Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question, conduct and prepare your response.

Ask Your Own Real Estate Law Question
Real Estate Lawyer: Ray, Lawyer replied 1 year ago

You would need to look at your sales contract to see if there is a contingency for not getting the loan timely to close.If that is the case you should get your earnest money back even if it does not close.The title company holds the funds and determines if you made good faith effort to get loan prior to closing.It sounds like you did and this was beyond your control.In that situation if the deal doesn't close you would be due your earnest money . You will need to make a demand for return of funds through your realtor here. The seller may wait and see if it can close, sometimes they will extend.

I appreciate the chance to help you today, good luck here.

If you can positive rate 5 stars it is much appreciated.

Ask Your Own Real Estate Law Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a real estate lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Ray Your Own Question
Ray
Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 49,574
49,574 Satisfied Customers
Experience: Texas Attorney for 30 years dealing in real estate

Ray is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Barrister

Barrister

Lawyer

12,142 satisfied customers

17 years real estate, Realtor. Landlord 26 years

Infolawyer

Infolawyer

Lawyer

8,377 satisfied customers

Experienced lawyer

Ray

Ray

Lawyer

49,574 satisfied customers

Texas Attorney for 30 years dealing in real estate

LawTalk

LawTalk

Attorney

6,208 satisfied customers

I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.

Dimitry Esquire

Dimitry Esquire

Attorney

5,526 satisfied customers

JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin

Ely

Ely

Counselor at Law

4,998 satisfied customers

Qualified attorney in private practice including business, family, criminal, and real estate issues.

P. Simmons

P. Simmons

Lawyer

3,572 satisfied customers

12+ yrs. of experience including real estate law.

< Previous | Next >

Related Real Estate Law Questions
I was scheduled for closing on Friday, March 16. I was
I was scheduled for closing on Friday, March 16. I was informed on Monday that sellers had transferred the property ownership from one LLC to another LLC on January 28, so they can't complete sale via… read more
Attyadvisor
Attyadvisor
Doctoral Degree
8,535 satisfied customers
Background: - My job with the Army in Maryland was part of
Background: - My job with the Army in Maryland was part of the Base Realignment and Closure (BRAC) so our family had to relocate to Texas in 2009. At that time our home in Maryland fell over $100k in … read more
Attorney 1
Attorney 1
2,737 satisfied customers
Please. I am trying to find out what do the laws of Michigan
please. I am trying to find out what do the laws of Michigan say about earnest money deposit. Can you please help me? … read more
lucy7368
lucy7368
Juris Doctor
763 satisfied customers
While trying to purchase a home. Buyers got denied by bank
While trying to purchase a home. Buyers got denied by bank and entered into new negotiation/new contract with sellers to rent the home for a few months then try to buy at a later date with a new purch… read more
Irwin Law
Irwin Law
Juris Doctor JD
7,191 satisfied customers
we(first time buyer) got a approve for an fha loan(5% grant)
we(first time buyer) got a approve for an fha loan(5% grant) and was able to get accepted on a house we bid on. inspection and got UW conditional approval and appraisal report done. but when the UW re… read more
WiseOwl58
WiseOwl58
JD Honors Graduate
4,300 satisfied customers
Title company is holding disbursement money? Seller sold property
Title company is holding disbursement money? Seller sold property thru another title companty for cash? Property was sold again by new owner? I could not get the house, because FHA loan you have to wa… read more
Attyadvisor
Attyadvisor
Doctoral Degree
8,535 satisfied customers
We have contracct on a hoyse that ecpires 2/28/14. We do not
We have contracct on a hoyse that ecpires 2/28/14. We do not have a contingency stating we must sell and close on our house in order to buy the house. We thought our house would have sold but it hasn'… read more
Irwin Law
Irwin Law
Juris Doctor JD
7,191 satisfied customers
My husband and I are attempting to get our earnest money back
My husband and I are attempting to get our earnest money back from a deposit we made on a new build home. There is a contingency in our contract that states we may get our earnest money back if we do … read more
DamienJD
DamienJD
Attorney
Doctoral Degree
5,591 satisfied customers
My husband and I put an offer on a house. The appraisal came
My husband and I put an offer on a house. The appraisal came back $5000 under the price. We asked our realtor to renegotiate to the appraised price. Or closing date is less than a week away, we have y… read more
Marsha411JD
Marsha411JD
Doctoral Degree
20,699 satisfied customers
Me & my husband were trying to purchase a new home and upon
Me & my husband were trying to purchase a new home and upon signing a contract and paying the earnest money we received pre-appoval through a mortgage lender and submitted it along with a $1000 earnes… read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
I am in the process of purchasing a home in PA via FHA loan.
I am in the process of purchasing a home in PA via FHA loan. The appraisal is 2k less than the sale price, there is an FHA clause in the sales agreement I signed, can I back out and still retain my ea… read more
LegalKnowledge
LegalKnowledge
Juris Doctor
31,411 satisfied customers
Hello, I live in Phoenix, AZ and have an FHA loan home going
Hello, I live in Phoenix, AZ and have an FHA loan home going into foreclosure in the next week. I have not received any notice yet from an agent representing HUD; which is what I was told would happen… read more
LawTalk
LawTalk
Attorney
Juris Doctor
6,208 satisfied customers
the building will soon ne FHA approved; some paper still needs
the building will soon ne FHA approved; some paper still needs to be files. It already has the status FHA approved on the HUD site. It says on the HUD site that approval will follow when office gets a… read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
My wife and I have been working on completing a contract for
My wife and I have been working on completing a contract for a condo in AZ. We were looking for a FHA loan and since the condo complex was not FHA approved, our mortgage lender stated they would do a … read more
N Cal Atty
N Cal Atty
Doctoral Degree
59 satisfied customers
My husband and I sellers are trying to get out of a contract
My husband and I "sellers" are trying to get out of a contract to sell our current home because the house we were going to buy had toxic mold. We tried to mutually terminate the agreement with the buy… read more
Law Pro
Law Pro
Doctoral Degree
19,000 satisfied customers
Hi, Im a 1st time home buyer in CA. My real estate agent
Hi, I'm a 1st time home buyer in CA. My real estate agent recommended a loan officer to help me getting FHA loan. After 2 weeks of opening escrow, loan officer surprised me that the bldg doesn't accep… read more
socrateaser
socrateaser
1,031 satisfied customers
Less than 48 hours prior to my scheduled closing on a second
Less than 48 hours prior to my scheduled closing on a second home mortgage, and several weeks past the deadline for me to back out or stop the deal without loosing my earnest money, my bank officer ca… read more
JBaxLaw
JBaxLaw
Attorney
Doctoral Degree
8,080 satisfied customers
i put down earnest money on a home...a few days ...
i put down earnest money on a home...a few days later, they said my financial info looked good and then said they would need 10% down before building. I gave them the 10%(60k) just days later. They de… read more
BLR
BLR
J.D.
221 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x