do i get back earnest (deposit) money for new house if i lost my job (contingencies, agent)
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i already paid a deposit for a new house i was supposed to buy. i just got laid off. do i get that deposit back now that i lost my job and cant buy the house anymore?
Last edited by Bo; 08-01-2009 at 04:03 PM..
Reason: Moved from Houston forum.
i already paid a deposit for a new house i was supposed to buy. i just got laid off. do i get that deposit back now that i lost my job and cant buy the house anymore?
Earnest money contracts typically have a provision that allows for the return of "earnest money" in the event the buyer does not qualify for a loan to complete the purchase. You should read the contract you signed.
If you have made additional deposits for upgrades or changes, those may be lost, but this should also be addressed in the contract. If the home has not progressed construction wise to the point that the builder has incurred expense due to your specific upgrades, I would argue that those funds be returned, under the circumstances. Some builders will readily agree to this, but obviously others don't give a rip and resist providing refunds on extras.
i already paid a deposit for a new house i was supposed to buy. i just got laid off. do i get that deposit back now that i lost my job and cant buy the house anymore?
,my earnest deposit will be giving back to me if i back off the deal
Earnest money contracts typically have a provision that allows for the return of "earnest money" in the event the buyer does not qualify for a loan to complete the purchase. You should read the contract you signed.
If you have made additional deposits for upgrades or changes, those may be lost, but this should also be addressed in the contract. If the home has not progressed construction wise to the point that the builder has incurred expense due to your specific upgrades, I would argue that those funds be returned, under the circumstances. Some builders will readily agree to this, but obviously others don't give a rip and resist providing refunds on extras.
this is correct. if this is not in any paperwork, then it is solely up to how nice the builder is feeling.
It would seem if you lose your job, you can not qualify so the money should be refunded but I an not a lawyer. When I was selling real estate that is how it worked. I admit, that was a few years ago.
Congrats on whatever part you want me to congratulate you for...Good Luck getting a new job....everything happens for a reason...maybe the house wasn't meant to be for you and you will find a way nicer home
can a person get earnest money back if signed contract and change mind within 24 hours
Typically there are other contingencies involved with your contract. Here in WA state, if there is an inspection contingency, the buyer can back out within that time frame for any reason at all. What does your contract say about contingencies and time frames?
can a person get earnest money back if signed contract and change mind within 24 hours
In most cases yes. Just explain to your agent to tell the seller's agent about the change of hearts; the seller will agree since they haven't lost a lot of time and can easily put the house back on the market.
In the rare cases that the sellers refuse, during the attorney review process just make some completely unreasonable conditions and the sellers will definitely walk away. It might end up costing you a couple of hundred dollars for the attorney...
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