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03-28-2008, 01:36 PM #1
Renter
- Join Date
- Mar 2008
- Posts
- 1
Can I Lose My Deposit?
I'm trying to buy a bank repo in California. I made an offer($190,000) and gave a deposit check to my agent for $1,900. I'm using FHA(100% financing). The seller(bank) countered me for a Earnest Money Deposit of $6,000. If my loan fall's through or the inspections don't pass, can I lose my deposit?
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03-28-2008, 06:25 PM #2
Condominium
- Join Date
- May 2007
- Location
- Ohio
- Posts
- 111
If your financing falls through, maybe. If inspections do not pass maybe. Was the offer subject to getting financing and/or subject to the inspection?
Last edited by JJohnson1985; 03-28-2008 at 06:30 PM.
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03-31-2008, 02:33 AM #3
Condominium
- Join Date
- Sep 2007
- Location
- Indianapolis
- Posts
- 302
Normally you will have a certain time frame to clear both the inspection contingency and the financing contingency. On average the time for inspections is 7 - 10 days.
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03-31-2008, 09:09 AM #4
Fixer Upper
- Join Date
- Mar 2008
- Posts
- 93
Did you include some type of Third Party Financing Condition Addendum in your offer? This will protect buyer if financing falls through down the line. Buyer can ask for specific time frame to secure financing and if unable to to do, Earnest Money is refunded and contract terminated. Depending on State, laws and type of foreclosure, bank may not accept these financing contingencies.
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04-01-2008, 03:20 AM #5
Condominium
- Join Date
- Feb 2008
- Location
- Tampa, FL
- Posts
- 234
Make sure that the contract has the clauses for "right of inspection" and "obtaining financing." Some banks are asking for hard money that is non-refundable if you do not follow through to close. Your agent should be able to answer these questions for you.
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04-06-2008, 08:37 AM #6
Fixer Upper
- Join Date
- Apr 2008
- Location
- Mt.Washington, Ky
- Posts
- 18
deposit
It all depends on what your contract says. Most standard realtors contracts have outs for financing and inspections. It might be another story if you are using a bank provided contract.
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