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12-09-2008, 09:54 PM
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Junior Member
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Join Date: Dec 2008
3 posts, read 2,063 times
Reputation: 10
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too late to back out?
I put an offer on a new house about 1 month ago. I gave the builder a good faith deposit of $5000 right off the bat. Since then I have given them about $18,000 which is 5% of the purchase price and signed a purchase agreement (and still don't have a copy of it). Long story short, I have not been happy at all about this deal, mostly due to the loan underwriting process and we are set to close in a week. If I back out now will I lose my good faith deposit or even worst could I lose my whole downpayment?
Any help would be great!
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12-09-2008, 10:15 PM
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Junior Member
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Join Date: Dec 2008
3 posts, read 2,063 times
Reputation: 10
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One more thing...... Is it legal that the builder collected my 5% up front and did not deposit it into an account escrow? The last home I purchased I paid my downpayment at the close of escrow. I live in California.
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12-10-2008, 11:05 AM
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Sr of Srs
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Join Date: Jul 2007
Location: Charlotte, North Carolina
5,120 posts, read 3,816,502 times
Reputation: 675
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you seriously need to contact a real estate attorney.
i think by law they have to send you the contract within a certain time period otherwise it wont be valid.
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12-10-2008, 07:04 PM
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Senior Member
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Join Date: Aug 2008
Location: Plano, Texas
676 posts, read 366,717 times
Reputation: 153
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I agree with renriq02, contact an attorney.
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12-11-2008, 12:13 PM
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Senior Member
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Join Date: Nov 2007
771 posts, read 465,676 times
Reputation: 660
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So you paid about 360k. What is the house worth now?
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12-11-2008, 01:44 PM
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Senior Member
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Join Date: Mar 2007
1,820 posts, read 1,618,509 times
Reputation: 356
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Quote:
Originally Posted by sactown1980
I put an offer on a new house about 1 month ago. I gave the builder a good faith deposit of $5000 right off the bat. Since then I have given them about $18,000 which is 5% of the purchase price and signed a purchase agreement (and still don't have a copy of it). Long story short, I have not been happy at all about this deal, mostly due to the loan underwriting process and we are set to close in a week. If I back out now will I lose my good faith deposit or even worst could I lose my whole downpayment?
Any help would be great!
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Why do you want to back out now? What issues with underwriting? You could be kissing away some good money. |
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