All Forum Posts by: Elina Solaita

@Wayne Brooks

Thank you. I’ll start making my calls on Thursday to involved parties. Otherwise the title officer is sending it to mediation and however much that cost, comes off the top.

@Dan Perrott

How far are you in contract? I’m in a situation with someone that was in this situation. If you have provided the title company your earnest money, they should have provided you a preliminary report of the title. It should tell you in that report some of the things you are asking. Hopefully. Otherwise, I have no idea.

@Jaysen Medhurst

All the money (employer contribution) can’t be used as a part of a loan. If you rolled any funds from a previous employer, all of those funds are eligible for use.

My current employer allows 2 loans on 401k funds. There is interest on these loans, BUT the interest is paid to the 401k. Option is for a regular loan or a home loan. There are additional requirements for the home loan that need to be met, but the term period is longer. The downside is that the loan is paid back from your payroll deduction.

@Charles East

That’s exactly what I would recommend. There is a timeframe that the money has to be left alone and I know my 401k requires 30 days before funds can be requested again as a loan.

@Wayne Brooks

Thanks. I responded but cut your tag name out accidentally.

@Wayne

84 5.2 FAILURE OF FINANCING CONTINGENCIES. If Buyer receives actual notification from Lender that any Financing Contingencies identified

85 above have failed or otherwise cannot occur, Buyer shall promptly notify Seller, and the parties shall have business days (two [2] if not filled

86 in) following the date of Buyer’s notification to Seller to either (a) Terminate this transaction by signing a OREF 057 Termination Agreement

87 and/or such other similar form as may be provided by Escrow; or (b) Reach a written mutual agreement upon such price and terms that will permit

88 this transaction to continue. Neither Seller nor Buyer are required under the preceding provision (b) to reach such agreement. If (a) or (b) fail to

89 occur within the time period identified in this Section 5.2(Failure of Financing Contingencies), this transaction shall be automatically terminated and

90 all earnest money shall be promptly refunded to Buyer. Buyer understands that upon termination of this transaction, Seller shall have the right to

91 place the Property back on the market for sale upon any price and terms as Seller determines, in Seller’s sole discretion.

I was notified on Thursday 5/23 that the bank had requested my FHA Case ID# 3 days prior to the 3 year mark since my short sale. That in turn led to the bank determining that they were not able to finance a home loan for me. The closing date was 5/31.

I received the notice letter on 5/24 and on 5/24 I submitted my termination agreement with escrow disbursement instructions stating I would receive the full amount of the earnest money.

On 5/26, the home was back on the market and the seller apparently had provided my agent a term agreement with escrow disbursement instructions stating he should receive the full amount of the earnest money in full.

I know I am entitled to the full amount of the earnest money. $4,000. The title company has already sent out their interpleader letter and a resolution is required by 6/10 before its sent to mediation.

I have already sought legal counsel.

My options are to:

-Pay $345 an hour for an attorney to spend 2 hours writing a letter to the agents and principal broker.

-Pay for mediation

-Sue the seller/agent for all costs incurred for having to justify my right to my own earnest money that is clearly stated in the sales agreement.

The sales agreement has a failure to finance contingency that’s pretty straight forward. I’m not sure where their misinterpretation is.

Please, if you have any words of advice that will get me my money for no additional cost, that would be great. Thank you.