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My husband and I entered into a real estate transaction in February of last year (2007) and put down a $3000 earnest money deposit, so we were definitely serious about buying this particular property. The mortgage committment date was set for March 12, 2007,and the agreement was contingent upon the both of us obtaining a mortgage. Through our agent we were assured that we would be able to obtain a mortgage, but after getting into it, unfortunatley, after several attempts, a mortgage couldn't be obtained through both of us. In our opinion, this in itself was grounds for our earnest money to be refunded, but we tried further to obtain the loan just under me, which would've gone through had the sub-prime market not gone crazy. This took me out of the running and put us back to having no mortgage. The seller, which was the bank, since this was a foreclosure property, hadn't signed there documents until late so the closing date was moved back April 12, 2007 rather than March 30, 2007. Because we couldn't obtain a loan within the given time, we, through our agent, executed an Agrement of Sale Release on 4/11/07 and faxed it to the bank's agent as requested. They bank's broker or somebody decided they weren't obligated to return our money and have not as of yet. We live in Pennsylvania, and I believe the SOL is 4 years, but am not sure. I believe we acted in good faith all the way around. Shouldn't we get our money back, plus some if you ask me for pain and suffering! Signed, Determined to prevail!
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