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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?
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.
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!
Why do you want to back out now? What issues with underwriting? You could be kissing away some good money.
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