Posted by River City on October 19, 2005 at 17:17:47:
First, I am not an attorney, nor do I play one on TV.
What does the contract say? Is it contingent upon the buyer’s ability to obtain financing? There are lenders that finance manufactured homes, so the buyer should apply for a loan with a lender that offers loans on MFHs. I would think that both the seller and the buyer signed the agreement in good faith that both parties would do what they needed to do to fulfill the agreement. Being denied by a lender that does not offer loans on manufactured homes is NOT “dilligently” trying to fulfill the terms of the agreement. If I were the seller, I would insist on a copy of a denial letter from a lender that offered financing on manufactured homes. Until I had that in hand, I would not return the earnest money deposit.