I found out the condo is not Fannie Mae and would be hard to sell and get financing so I want to back out and the closing is may 15 I gave 10,000 deposit do I lose it all ?
General Practice Lawyer
This will depend on the language in your contract. It is vital to have an attorney review your contract as soon as possible to identify any provisions that might allow you to back out of the contract. Many times, these kinds of provisions are time sensitive and require the buyer to act before deadlines that are specified in the contract.
Nina T. Marano, Esq.
Bogin, Munns & Munns, P.A.
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You need to talk to a real estate attorney about your options. You're saying that condo is not Fannie Mae. Only a loan may not be a Fannie or Freddie backed loan. The condo may not comply with the requirements for Fannie or Freddie loan because it does not carry the reserves that are required by Freddie or Fannie backed loans, for example. Talk to a real estate attorney, or post your question in a real estate section of Avvo.
Please note that the above is not intended as legal advice, it is for educational purposes only. No attorney-client relationship is created or is or is intended to be created by my answer. You should contact an attorney in your area to discuss your case.
The answer to your question depends on the wording of the contract you signed. However, if the disapproval by Fannie Mae relates to a defect in the condominium documents rather than a physical defect in the property, you may be able to get your deposit back because the title is unmarketable. You should immediately consult an experienced real estate lawyer in your area.
Disclaimer: This answer is provided for informational purposes only, does not constitute legal advice, and does not create an attorney-client relationship. Actual legal advice can only be provided after completing a comprehensive consultation in which all of the relevant facts are discussed and reviewed.
I agree with my colleagues. I suggest that you have a real estate attorney review your contract to see what your options are.
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