Skysail Condominiums - Soleil Group Complaint - Won't Return Deposit Monies If Unable To Close For Whatever Reason

Review by Tclarke on 2008-08-20
NEW BERN, NORTH CAROLINA -- I signed a contract with Skysail Condominiums to purchase a condo in 2006. I was unable to obtain a mortgage because I a lost my job when my previous employer closed. My husband just came off active duty and just got a job working for TSA part time. We don't qualify for a mortgage and they are not returning our earnest money deposit of $32,000. We desperately need that money back for our financial situation is precarious. I have contacted them, their legal counsel, the owner of the Soleil group and they are all ignoring me. They want me to go to arbitration in their county, with an arbitrator of their choice and pay for the cost of this--which I don't have the money to do in order to get my deposit back.

The contract clearly states that if I am unable to obtain a pre-qualification letter they have to return my deposit and they have refuse to. Please help me get my deposit back.
Comments:4 Replies - Latest reply on 2009-10-07
Posted by Anonymous on 2008-08-20:
You need a lawyer.
Posted by moneybags on 2008-08-20:
Send them a certified letter that the completion of the contract was "contingent upon your being able to obtain mortgage financing." You should have a copy of a letter from your bank/finance company that you do not qualify for the mortgage. Enclsoe a copy of that too. Give them 10 days to return your earnest money deposit as certified funds. Tell them that if they do not do so, you will contatct the Real Estate Commission and the DA and the Attorney General. In almost all states, condo salepersons are LICENSED real estate agents. Failure to return the funds may be construed as "Theft by Fraud."

Send copies of all contracts, letters and mailings (including this demand for refund) to the above agencies.

DO NOT USE THE TELEPHONE! Correspondence MUST be written!

Keep us posted.
Posted by Tclarke on 2008-08-22:
Thanks so much for your advice. I will send them the certified letter. I had corresponded with them via email and have all the emails. I submitted the request for mediation per the contract to them and the American Arbitration Association, to see if they would budge and nothing yet. I will keep you guys posted.
Posted by thomas58 on 2009-10-07:
I was wondering if you were able to resolve your dispute with the Soleil Group in regards to getting your deposit back? We have a similar dispute with them - also $32,000 deposit at stake. They misrepresented the square footage of our condo and we backed out of the purchase. They will not refund our deposit despite the fact that they violated state real estate laws. We have an attorney involved. Please let us know of your success or failure with your situation.

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