My question involves real estate located in the State of: South Carolina
Hi everyone, this is my first posting on this forum, so I appreciate any help you guys can give me.
I signed a contract to purchase and house and gave out my earnest money. Later on, the loan was approved, but I am out of the country so I needed a POA. I signed a POA and sent it to my realtor before I left the country and she said it was ok. Turns out, it wasn't. I'm trying to get out of the contract now and get my earnest money back.
Here's what is going on:
The sellers won't give the earnest money back because the loan is basically approved and just needs to be closed on. This means that I am not complying with the lender in order to close the loan.
I think I should get the earnest money back because:
1) I paid the earnest money before I found out from my realtor (she didn't know) that the property wasn't FHA approved. I had to get a loan another via home equity in order to get this condo.
2) My realtor looked at my POA before I left the country and did not tell me that in SC, it had to meet certain requirements. I got a general POA and in SC the POA has to specifically be for real estate.
3) My realtor said I could get my earnest money back if I decided to back out. She explicitly said it and now it's not happening.
Could I get my earnest money back or bring about some small legal action against my realty company if I can't?
I appreciate any help that you guys are able to provide me with. Thanks!