What does your agent say?

In general, you should get your deposit money back if you have not released all of your contingencies. Specifically, your cancellation should have a nexus with the unreleased contingency. For instance, you have a loan contingency, but you are unable to get a loan. Or…you have an appraisal contingency, but the property did not appraise.

But those are just general expectations. Your situation may be different.

Are you having a problem?

Certainly check with your agent, but more importantly, check with a real estate attorney, as this is a legal question.

Why do you want out??

In my opinion, just because you haven't satisfied the mortgage contingency yet (I assume the time allowance has not elapsed, and is still open), you can't arbitrarily cancel because you changed you rmind...if you are turned down for the mortgage, that's one thing. But you can't decide to kill the deal just because that contingency is still open. Again, in my opinion, you would have to show you acted in good faith to obtain your loan.

If you are turned down for the mortgage, then your deposit should be returned. The return of your deposit may not be a slam dunk, however, if you are trying to use the mort,. contingency as an excuse, or a way to cancel the deal.

I'd defer to an attorney's opinion.............

Good luck

The majority of real estate contracts however are geared to protect buyers, NOT sellers. I would suggest reviewing it to try to find another solution. Look good, you will likely find a good loophole!

I agree with Brian on both counts:

(1) I don't think the buyer can keep your deposit;
(2) I wouldn't know for sure until I saw the contract.

Your Realtor should really be able to advise you on your situation. That's part of the reason you retain a Realtor - they are supposed to have the necessary knowledge of the contract to be able to council you in situations like this.

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Deposit, based on the information provided, I agree with Brian. You need to be asking your Agent this question!

-Steve

Hi Deposit,

The BIG question is WHY? It is not very easy to back out unless you have a good reason. Were the disclosures not to your liking? Did you get an inspection done and was there a lot of things wrong with the house? Did you try to negotiate with the seller to fix it?

It seems like you were buying in the Ardenwood area from the Zip code in your profile. Was it because the Forest Park or Ardenwood schools had a waiting list and you could not get your kids in the school?
Did you find another house you liked?
Was this a short sale that was taking too long?
Is your job situation still the same as when you bought the home?
What made you change your mind?

Not having an answer to these questions makes it hard to say if you will get your deposit back. You should have a good reason to back out. There are several contingencies already built into your offer so if it is one of those reasons, you should be O.K. You may need to check with an attorney if it is a complicated matter.

I hope you have an agent representing you since your agent should be able to guide you in this process.

Meena Gujral
Help-U-Sell Achievers Realty
40083 Mission Blvd
Fremont, Ca. 94539
510-279-9580

Based on the information you mentioned, the seller can not keep your deposit. If you have not removed the financing contingency, you may cancel with no loss of deposit.

However, I have not seen the contract and I do not know what other terms are in the contract. You should contact your agent and/or the Broker of the company and discuss your situation.

Hope this helps you.

Brian Ripp, CRS, GRI
Broker, Notary
Check my web site: http://www.BrianRipp.com
Real Estate Market Weekly Update Webcast: http://realtytimes.com/REUv/BrianRipp
510-710-4905 cell
510-794-9006 wk
Realtor since 1985
DRE Lic. 00886348