Can I get back my deposit after bank denies condo, not buyer.

Hi, I'm under contract for a condo in NYC. After being approved for a mortgage and ready to close, the bank denied the loan on basis of the contract being an assignment and the condo having low owner occupancy.

Now I'm stuck with my deposit in limbo because no one wants to lend to this condo. I'm perfectly qualified for a loan (30% in cash and 800's credit score). I had a 15 day mortgage contingency (which I met because the loan was already approved, I was pre- approved before signing the contract, & approved 3 weeks later). The denial was on basis of the condo itself, not my financials.

Can I get my deposit back? It's 35k.
Answer this question Add to list

Answers (0)

No answers yet
Back to Search Results

Ask a Question

Get free answers from real lawyers.

Defective / Dangerous Products Resources

Top Real Estate Contributors

1.
Shawn B Alexander
Contributor Level 8
28 answers, 0 legal guides
2.
Steven Alan Fink
Contributor Level 8
27 answers, 0 legal guides
3.
Frances Miller Campbell
Contributor Level 7
22 answers, 0 legal guides
View all Real Estate Lawyers on the Contribution Leaderboard