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Earnest Money Deposit Dispute - CASE STUDY
CASE STUDY:  My fiance & I live in Las Vegas NV.  We were planning to use his VA benefits to obtain a VA-guaranteed loan.  However, during the underwriting process he got laid off.  This occured during our 10-day "due diligence period."  I immediately applied for, and was pre-qualified for a VA-guranteed loan with the same lender .  At that point, we submitted a new contract on the same house, in my name, honoring the same timelines   in my fiance's contract. While my loan was in underwriting , my due diligence expired. Four days after the due diligence expired, I was denied the loan. Meanwhile, my fiance secured a new job in the same line of work and the lender issued a new pre-qual letter. Our real estate agent had the listing agent to ask the seller if he would be willing to let us place yet another offer on the property using my fiance again. The seller said he would reject the offer. He also indicated he had no intention of refunding the earnest money on my existing purchase agreement, even though he received a copy of my lender's loan denial.  OPINION:  First of all, I am not a lawyer and I can't give you legal advice!  This is for general information purposes only!  Only a judge can determine who is entitled to your earnest ... more

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