Home Buying in 35242>Question Details

Minniebutad, Home Buyer in Union City, CA

I signed an adendum that the earnest money is nonrefundable but the loan contingency is not removed yet, Can I still get back the earnest money?

Asked by Minniebutad, Union City, CA Wed Oct 12, 2011

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It would depend, if your initial offer said your purchase was contingent upon mortgage approval, and then you signed an addendum saying the deposit was non refundable, i would think it is non refundable no matter what happens to your mortgage, of you signed them both at the same time, then it is questionable. The best person to ask is an attorney when it comes to the law and contracts. i dont know why someone would sign it is non refundable unless they were paying cash and had no chance of chaninging their mind. if you were forced to sign it, that is another issue for the lawyer to work on. . good luck
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Thu Oct 13, 2011
In order to best protect yourself, consider consulting with an attorney who specializes in real estate...
0 votes Thank Flag Link Thu Oct 13, 2011
Only your real estate agent can offer you guidance on this matter. No other agent knows exacltly what wording or exhibits were used in your offer, so they have no grounds on which to comment. The GAR contract has a Financing Contingency Exhibit that can be used and it does clearly define everything. Every agent does not include one in every contract though. There is no need to contact an attorney, you just need to ask your agent.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Conventional | FHA | FHA 203K Renovation (Streamline & Consultant) | HomePath® |
HomePath® Renovation | VA | USDA | GA Dream | Jumbo Financing
Web Reference: http://www.rodneymason.com
0 votes Thank Flag Link Thu Oct 13, 2011
Minnie,

Unfortunately, this is a question that should have been tended prior to signing it....It's impossible to tell what you specific responsibilities are without seeing your actual contract and addendum.

The best source of accurate information would be through your agent or an attorney.

Good luck,

Bill
0 votes Thank Flag Link Thu Oct 13, 2011
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