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A property builder provided a lender that pre qualified me. After I gave 10% down they told me I was no long qualified.

Asked over 2 years ago - San Diego, CA

I wanted to buy a condo and put down 10%. The builder recommended a lender and that leander prequalified me. When the project was complete I found out that their lender has been replaced and we no longer qualify for the property. The builder is threatening to keep my deposit (10%). Legally do I have a case at arbitration to receive my deposit back.

The contract I signed stated the builder was not required to get us financing.

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Attorney answers (2)

Erik Glen Swanson

Reputation Level 15

Answered over 2 years ago. Litigation Lawyer in Skokie, IL.

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No, you almost certainly don't.

Disclaimer: This answer is provided as a public service and as a general response to a general question, it is not meant, and should not be relied upon as specific legal advice, nor does it create an attorney-client relationship.

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Robin Mashal

Reputation Level 16

Answered over 2 years ago. Real Estate Attorney in Los Angeles, CA.

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Disclaimer: The materials provided below are informational and should not be relied upon as legal advice.

There may be some scenarios where you can get your deposit back, such as, if you relied on the prequalification to make this deposit and there has been no adverse change to your ability to otherwise qualify for the same loan. It may be a long shot though. You should immediately consult your own attorney to protect your legal rights.

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