Can I get my deposit back?

**ACER9103** · 01-21-2009, 11:47 AM

We are about to give the deposit of earnest money to the realtor for the BANK OWNED home we are going into a contract with to close on, and if something happens and we end up loosing financing for the home will we loose the deposit?

PLEASE HELP URGENT!!!

ACER9103

**TDG** · 01-21-2009, 12:35 PM

You need to look at your sales contract and see if your purchase is contingent on financing. You can also check to see if your contract has any inspection contingencies as they may be an escape clause as well. This varies. You should call your agent and if you don't have one..get a buyers agent. The service is free.

**donrock** · 01-21-2009, 09:44 PM

TDG has good advice. Never get into a contract where you don't have a way out if things don't go exactly like you thought they would. Financing is a good way to get out. Just put a contingency in there that the interest rate must be no higher than a certain percent. Make this figure lower than what you'll accept. You can always take a higher rate or you're able to walk if you change your mind about buying the property.
Remember your agent works for you so insist they put in what you want them to.
Good luck,
donrock

**Mike Taylor** · 01-22-2009, 03:06 AM

Agree with the above comments. If that is part of the contract you do not understand, you really should not be signing it. Normally there is is a financing contingency on contracts but every contract is different.

**Lakeshore Lad** · 01-22-2009, 08:25 AM

There should already be verbage in the purchase agreement that addresses these contingencies. I once had a couple that backed out of the deal with a bank for no good reason, and still got their deposit back even though the the bank acted like they were going to play "hardball". I wouldn't recommend this, but it happened.