What to do if I wasn’t approved through the lender I chose and now the realtor said I can’t get my escrow deposit back because I can go through their lender?

I’ve been trying to get approved for 21/2 month. I found the house within 2 weeks and was pre approved. Then all of a sudden I was being asked for crazy amounts of documentation. I know this happens but it didn’t happen until the end of last month. I had got them their documents they requested, then I was approved but with conditions which required more documents. My broker said I had the okay to give my landlord my 30 day notice. This was on jthe 10th of last month so I did,. When this month came around, the broker still hadn’t heard anything from the lender leaving with no where to go.

Asked on July 30, 2012 under Real Estate Law, California

Answers:

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

Answered 8 years ago | Contributor

The realtor has an interest here in getting their commission.  If you signed a contract PLEASE take it to an attorney to review on your behalf to let you know exactly what your options are here.  The contract governs, not the realtor.  Good luck.


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