Fha earnest money refund
If for some reason my loan isn't approved, do I get the earnest money back? Please enter a valid email address. We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy. We think we've answered this question for you! Click here to see the answer. We will email you a list of the new items that match your criteria at a time of your choosing. Be a Good Neighbor.
When Can The Earnest Money Deposit Be Refunded? | Indecomm-Mortgage U, Inc.
Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy. Once you select this as the best answer, it cannot be changed. The Best Answer will be shown directly below the question. The person with the best answer will receive credit in their profile. Do not send me email notifications for new answers. In your contract, you should have a mortgage contingency or commitment date which allows you some time to arrange financing while protecting your earnest money.
Depending on how long it will be before to actually close, the amount of time could be anywhere for 15 days to a month. I'm just wanting to cover my bases, so as long as I do everything I can to get a loanthey won't keep my deposit.
Ok fixed that problem of spacebar hitting enter too. So, here is what I am worried about, I my job time of 1 year 10 months in a commissioned based business, and I they said my total back??? Ugh, I wish I would have known how stressfull all of this would be in the beginning.
If the seller breaks his contract, or something is wrong with the house that they didnt disclose prior to the contract, then you can. So, if I can't get the loan I lose the money? I just don't like the feeling of not knowing whats going on. Make sure you have a loan contigency, when you put in the offer. Ask for a two week loan contigency, if your escrow will be 30 days.
If you find out within those two weeks that the deal cannot be done, you get your deposit back. Did this guy run your scenario through any type of automated underwriting system?
He should have before offering you anything especially with the job issue out and in the forefront. There will be a date in the contract. Just make sure you are all set by that date including having your appraisal done and reviewed. I have never seen a client ask for a loan contingency for financing in a long time.
Money A2Z
The sellers would never go for that. Contracts I have seen the buyer loses the earnest money if he cannot get financing. But if these guys are saying you canI would certainly go for it. I don't know anymore, im just going to assume none of this makes sense because its the las vegas area and things are wacky these days. The last purchase I did the escrow was for 30 days and it had a 30 day loan contingency.
Basically the earnest money never became hard. It is crazy these days. Make sure that appraisal is ordered as soon as the contract is finalized. If you lender is sending this loan out of state, you may run into someone who is not familiar with the market in Vegas. Just what they read. You want to have as much time as possible to address any concerns someone may have with the value. What you are tap dancing around in now is the 'fine print'. Your loan officer should be looking out for you here and giving you advise.
I didnt catch your last post fha earnest money refund I posted. It seems clear to me that you have the contingency build right into the contract. If that contingency includes returning the earnst money to you, you are fine.
From a legal standpoint, you will need to meet all the contingencies on the agreement on the dates they're required to protect your earnest money. On a related note, the concept of earnest money is antiquated and really has no place in today's lending environment. Financing is just too hard to come by to require this. Why they did that is beyond me. All they kept telling me was that it was customary in that area.
In todays enviroment, I would at least get APPROVED for a any loan -contingent upon the house itself and appraisal and inspection, before I put down a nickels worth of earnst money. As long as I was approved for the loan up to a certain dollar amount and time frameand the house appraised and met inspection, I would have no problem with a small earnst.
But, again, what's the point of the earnest? Is a few thousand dollars, which if properly contracted for is easily refunded, a good measure of a serious buyer on a several hundred thousand dollar purchase?
I just think it's an arcane concept. I agree with you John. Its always been a better concept in a sellers market so buyers charles stanley birmingham stockbrokers waste the sellers time.
But in a buyers market like this, you would think they are happy to get any contract at all.
Harry, most of what was current australian dollar to us dollar exchange rate here is right when it comes to the earnest money. If your loan falls through through no fault of your own, the earnest money is returned back to you.
Look on your contract, talk to your agent, they will tell you the same. In addition, IF for some reason they do not let you out with your earnest money because your approval falls through, use the inspection to get out of it! Financing options for Manufactured home with land? Has anybody heard of ebay stock market watch game hacker "estoppel letter" having to do with Mortgage Payoff?
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This home has been saved! Go to My Zillow in the top right corner to see your saved homes. Your Answer Upload Image. Email me when other answers are added. Share post on Facebook. Best Answer Selected Once you select this as the best answer, it cannot be changed. Joseph Cafiero, "Joe Cafiero" Lender 38 reviews. Nic Netherton, "Colorado Lender" Lender 24 reviews. Don't take the 6. Rates dropped again today. Rob Cochems Lender 9 reviews. He may be a Bronco, and Rockies fan, but you should listen to him Harry.
Looking forward to those ribeye's Nic. Tom Davie, "tom" Lender 2 reviews. No reason to have cold feet. As far as the 'earnst money' goes, generally you will lose that if you back out. Ask your agent if you can sign the contract 'contingent upon home inspection'. John Paunan, "John Paunan" Lender reviews. Tammy Stockdale, "Colorado Mtg Broker" Lender 11 reviews. Related Discussions Financing options for Manufactured home with land? In Mortgage Types August 06 In Mortgage December 22 In Mortgage August 16 In Loan Modifications April 12 In Mortgage October 16 Related Articles Interest-Only and Deferred-Interest Loans In Mortgage Types October 12 In Mortgage November 11 In Mortgage December 10 In Mortgage Rates October 12 In Mortgage Types October 12 Be A Good Neighbor Zillow Advice depends on each member to keep it a safe, fun, and positive place.
Home Buying: With FHA, do I (buyer) get the deposit back - Trulia Voices
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