Foreclosure in 35950>Question Details

David, Home Buyer in Alabama

pre-approved on loan but my house did not sale would I get my earnest money back

Asked by David, Alabama Thu Apr 17, 2008

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4
yes. in our area the seller would have to sign a "release" form, but these are usually no problem when a contingency is not met.
0 votes Thank Flag Link Mon Nov 26, 2012
also note that a pre-approval isnt ALWAYS, mean you obtained financing, there are still many contingencies to a full approval... most certainly not wishing you a dreaded "DECLINE", but pre-approval is hardly enough to consider fully obtained financing. hope this helps!
0 votes Thank Flag Link Fri Apr 18, 2008
As Liz said, it depends on your contract. If you had an agent working for you, then it should have been written so you would get your money back if the sale of your home didn't go through.

Hopefully that is the case.
0 votes Thank Flag Link Fri Apr 18, 2008
To clarify, did you write an offer contingent on the sale of your current home? Also, was the offer contingent on you being able to obtain financing? Most offers in our area are contingent on financing, but the contingency is another situation. Advise on the specifics and I can help further. You can e-mail me at elihoff@bellsouth.net, if you prefer not to post the details here. Also, did you have an agent representing you? Was the offer written by an agent?
0 votes Thank Flag Link Thu Apr 17, 2008
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