Home Buying in Atlanta>Question Details

Adeola, Home Buyer in Lithonia, GA

Getting down payments back

Asked by Adeola, Lithonia, GA Thu Nov 22, 2012

I paid a down payment of $20000 through an agent for a townhouse in Atlanta but now changed my mind about the deal do I get my full money back?

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Answers

7
Sorry, but no one can really answer that question for you....you need to read your contract to see what the terms are.

Usually there are certain time periods/contingencies which give you an option to walk away- like a home inspection or mortgage contingency.......if not satisfied, those might be avenues that allow you to walk away, and get your deposit back.
But..........if you are far enough along in the deal, you can't just change your mind without there being some consequences

So......
How far along are you with the deal?
Do you have an agent representing you?

If you don't, the best person to answer this, or let you know what your rights are...... this would be an attorney.

Good luck!
1 vote Thank Flag Link Thu Nov 22, 2012
It definitely depends on what your agreement says. If you are still in the due diligence period, you should be able to get your money back. If this is non-refundable option money put up in a lease-purchase, you may be out of luck. Your agent should be able to explain this clearly to you. If not, ask an attorney.

That sounds like a hefty bit of earnest money to me! If it is actually down payment money, then that means you already bought the townhome! No right of recission in GA for home purchases.

Good luck!
0 votes Thank Flag Link Mon Nov 26, 2012
I agree with the other answers. Read your contract. However, if you and the seller agreed to a due diligence period that has not expired, you would typically be able to get your earnest money back. If you do not have a due diligence period or other contract contingencies, then the Seller is probably the one that wold get the earnest money. That is the very purpose of the earnest money.
0 votes Thank Flag Link Sun Nov 25, 2012
You would need to ask that question of your Buyer's Agent.
0 votes Thank Flag Link Fri Nov 23, 2012
Hello Adeola. If I had the contract that you entered into, I could provide you with an answer, however I cannot. It solely depends on the contract that you agreed to. You should consider bringing the contract to your Real Estate Attorney and further discussing your options.

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.


Wishing you all the best,

De Vonte Williamson , LSA
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Coldwell Banker Residential
(631)384-3695
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DeVonte.Williamson@cbmoves.com
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0 votes Thank Flag Link Fri Nov 23, 2012
You need to read the entire contract for that answer.
After you read the contract call your agent and tell them how you feel about the purchase.

Good Luck with your purchase.



Isabel Elsesser, Realtor
First United Realty
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http://www.isabelsnewhomes.com
http://www.Buford.georgiamls.com
Direct 770-307-8751
Fax 888-799-3184
Over 25 Million SOLD
0 votes Thank Flag Link Fri Nov 23, 2012
Your contract would address the details about that including timelines. The first thing you should do is talk to your agent, the one representing you. I'm assuming that you do have buyer's representation. Best wishes.

Jen Bowman, Broker Associate
Keller Williams Realty
404-456-5024
0 votes Thank Flag Link Fri Nov 23, 2012
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