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I signed a contract for a new home on Jan 13, 2013. I paid good faith of 10k in state of VA, now with the federal cuts around; I don't think my job will last long as I am a federal contractor. Even if the job extends for 3-4 months, I am not sure I will have it by the time of Closing. Not sure how to get back the Good faith amount. Please Advice.
Last edited by observer53; 03-03-2013 at 01:33 AM..
Reason: removed font tags
Read your contract but the most likely answer is that you won't get it back. Be sure to write a thank-you letter to Obama for doing such a stellar job with his "leadership"
I signed a contract for a new home on Jan 13, 2013. I paid good faith of 10k in state of VA, now with the federal cuts around; I don't think my job will last long as I am a federal contractor. Even if the job extends for 3-4 months, I am not sure I will have it by the time of Closing. Not sure how to get back the Good faith amount. Please Advice.
The first thing to do is call your bank, and go over this problem with them ... do it tomorrow ! they might deny your loan. You might need a letter from your employer. Whatever you do, don't wait for the axe to fall.
You do need to read your contract regarding the earnest money or good faith as you put it. It should state under what circumstances you can cancel the contract and get the money back and under what circumstances the seller would keep the money.
My first thought is that you probably have a mortgage contingency. In many cases the buyer's money is returned if s/he can't get a mortgage. If you're not employed prior to closing, it's likely the mortgage will fall thru.
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Quote:
Originally Posted by ashburnuser
I don't think my job will last long as I am a federal contractor.
Even if the job extends for 3-4 months, I am not sure I will have it by the time of Closing.
In the event it got cut for any other reason... what would you do?
If you had closed a year ago... what would you do?
Until or unless the job does get cut... you still have it.
Be sure to write to and thank your Congressman for your worry and confusion.
Isn't the probability of a contract job being canceled or stopped always a concern? I know that in this case it might seem more imminent but as a contractor what was the term of the contract without the sequestration? It wasn't a forever contract right? What were you going to do when the contract ended?
For all you know, nothing could change and you'll have bailed out for no reason, unless you really aren't set on the house.
Just asking because at some point the contract was going to end no matter what, then what were your plans? Can you implement those plans sooner to allow for the issue before you now?
If you have the financing contingency you can call your lender and tell them you were looking over your finances and you may be losing your job and won't be able to make the mortgage payment that you would have, better yet, send this info in an email so you have proof.
Chances are very good your financing gets declined, you then have your agent forward this information to the other agent and ask for your earnest money deposit back.
If you have the financing contingency you can call your lender and tell them you were looking over your finances and you may be losing your job and won't be able to make the mortgage payment that you would have, better yet, send this info in an email so you have proof.
Chances are very good your financing gets declined, you then have your agent forward this information to the other agent and ask for your earnest money deposit back.
Seems like this would be a pretty easy out for anyone. Just call your mortgage guy and tell them you may be losing your job. It has to be harder than that, right?
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