We entered into contract with Centex Jan with the intent to close escrow make a profit by selling so that we could use the profit to assist us in purchasing the 2nd home that we went into contract with in Feb as the market trend was homes price increase of $300,000 more from the previous year. Centex Home Loans interviewed us and Turned us down. Centex gave us 30 days to get an approval so we turned to CWHL and 4 months later she recieved her conditional pre-approval. My fiance and I are in the Real Estate industry he sales homes and I work for CWHL as the home sales were coming to a screeching halt, my fiance and I informed the loan agent at CWHL of our material change. CWHL issued a denial letter and sent it to Centex. Centex refused to return us our deposit of $62,000 so we went to arbitration and per my attorney he stated that the contract read that Centex had an arbitration company selected and he was worried that that company my side with Centex. At the hearing, the arbitrator seemed to question the attorney that Centex had hired was very flirtatious with her and it almost seemed that the arbitrator sided with Centex becuase they were in Kahoots. I cannot understand why we lost. According to my attorney, he states that if this was an equity case the arbitrator would have sided with us, but becuase he has to go by the books, he sided with Centex. He also mentioned that in section 8 of the contract it reads that the property is not contingent upon buyer obtaining a loan at a specific rate, and buyer shall be required to purchase the property from seller and pay the interest rate set at the close of escrow. He were turned down and the contract reads that the seller is to refund us our money. Becuase we signed the arbitration agreement, my attorney states this case cannot go to court. Centex sold both homes and did not take a loss as they state. The homes the previous year had sold for $300,000 less than what we were paying.
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