real estate loan denied; transaction failed; whose fault is it?

Normally there is a condition in the offer that the buyer must be able to get a loan of $XXX at Y%. If this is not in the offer it is the real estate agents fault - sue her. If it is in the offer, the seller is out of luck and your friend should get his deposit returned..

Short answer your friend. If his greencard expired how could one blame the lender or the agent for that? They all did thier job and he didn't do his by making sure that his paperwork is up to date? And if the agent had a contingency put in as long as he gets the loan then he should be able to get his deposit back, but even those laws vary from state to state. Most brokers in charge will allow the return of deposits in this case (at least in NC) Good luck to your friend.

1. First of, I didn't even realize that permanent residence expires. I know you are suppoused to be issued with new cards after a certain period of time but this should be a straight forward application to USCIS for new paperwork.

2. If the deal falls thru because of some inadequacy in the borrower's credit history or loan application, then it is the borrower's fault and typically, all non-refundable monies, (which can include any deposits made and referred to in the contract as "non-refundable") remain with the seller.

3. Loss of the deposit is the borrower/buyer's fault since it is understood that the non-refunadble monies are the best source of damages that a seller can get when a deal falls thru......

1. He should find another loan agent who can help him with his current situation

2. It depends on the paper he signed, some deposits are refundable, some are not.

3. It is your friend's fault because he did not do his assignment. When applying for a real estate loan you should talk to at least 3 loan agents and get the deal that is favorable to you and your status. Buying a house is a big decision specially when your "own" money is at stake.

Tricky situation. It could be said that it is entirely his fault for letting his Green Card expire. It is not the lenders fault or his agents but his alone. If he had kept his status valid then he may have gotten the loan. Why would you let something that important expire? What was he trhinking?

This doesn't make any sense at all.

A "green card" is a PERMANENT resident alien. It can't expire, it's permanent. Well, the actual card might, but the status doesn't, just like a driver's license that needs to get renewed every couple years. But historically, you kept your same green card for decades, so even this doesn't make sense.

So what is his real status? Was he on a work visa? Which type?

Depending on the facts, and what state you are in, I could probably help.

If his financing is declined, most purchase agreements have a financing contingency, which allows your friend to stop the deal and get his money back. His agent should be able to advise him about that, based on their actual contract.

But if you want me to look at this, email me through here.

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1.) None.

2.) Was there a clause in the contract that all ernest monies would be returned if the buyer could not secure a loan?? If so, yes, otherwise.... no.

3.) His.