Earnest Money Question - Posted by usa investor

import · July 31, 2006, 1:59am

Posted by River City on July 31, 2006 at 09:55:46:

Does your contract have an “out” clause? Does it say that it is contingent upon your obtaining loan approval? If it is contingent upon loan approval, the mortgage company will need to write a letter of denial for you to show to the builder. Read your purchase contract…ALL of it!

import · July 31, 2006, 1:59am

Posted by usa investor on July 31, 2006 at 01:59:19:

Hi:

I have deposited 50K to purchase a condo in Miami, Florida. I am going to close the escrow about two months from today. This year, everything is turning around, I am having a lot of debts for borrowing money from HELOC, and credit cards, and I have changed my job this year and is making whole lot less than my previous job of last year.

I just want to know if I can get my earnest money back from the developer for I cannot get the loan from the bank to close the escrow.

I am from out of States, and don’t know much about Florida law, can anybody kindly answer my question?

I am very stressful recently and worry about I will lose all my earnest money in this case.

Thanks…