earnest money deposit disputes: Earnest Money Deposit Dispute - CASE STUDY
- 02/10/09 11:35 AM
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 … (2 comments)
earnest money deposit disputes: The Eleven Things Everyone Should Know About Earnest Money Deposits (Nevada Law)
- 03/11/08 02:17 PM
The Eleven Things Everyone Must Know About Earnest Money Deposits by Steven Kitnick Earnest money is the deposit paid by a prospective Buyer as evidence of their "good-faith" intentions to complete the real estate transaction. The Buyer is promising to be diligent in their efforts to fulfill the terms of the Residential Purchase Agreement ("RPA"). Additionally, if the Buyer and Seller agree, the earnest money deposit ("EMD") may also serve as a source of payment, and act as the Seller's sole legal recourse, as "liquidated damages," should the Buyer default, that is, fail to perform in accordance with the terms of the "RPA". Earnest money deposits are not required for the creation of … (11 comments)
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 … (2 comments)
;)
;)
