Under what circumstances will you get your deposit back at closing? (mortgage, buying a house)

[lawoman4368]

After crunching the numbers 1000 times, buying a house is a tremendous expense and things will be extremely tight. I was wondering, if we dont lock in at a rate that is appealing to us, can we get our deposit back?

[akaroutsos]

No you'll lose your deposit if you have already been approved for a mortgage. Doesn't matter if you lock in or not.

[TomMoser]

You can put in your offer (and then the contract) that if you cannot receive a mortgage for less then xxx% then you can get your deposit back. It will be up to the seller whether or not to accept this.

[lawoman4368]

[quote=TomMoser;4731069]You can put in your offer (and then the contract) that if you cannot receive a mortgage for less then xxx% then you can get your deposit back. It will be up to the seller whether or not to accept this.[/quote

Hi Tom-Great suggestion! I read that somewhere on the net.

[Kbinspections]

Good idea Tom.

If you think its tight, you are probably correct and in my opinion, its not a great time to put yourself in that position.....good luck!

[fitdude7]

I thought you only lost your deposit if both parties had signed the contract....no?

[Kbinspections]

Its not a contract until both sides sign..........