Home Buying in 34638>Question Details

Richard, Home Buyer in 34638

If i am asking for a deposit to make an offer in a Bank owned property and the bank decline my offer, what will happened with my deposit?

Asked by Richard, 34638 Fri Sep 11, 2009

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4
Kevin Cloutier’s answer
Your deposit is refunded in full since your offer was not accepted. A REALTOR would also protect you by having othervterms such as inspection resuolts, appraisal and financing.

Best of Luck

Kevin Cloutier
Keller Williams World Class Realty
239-246-6639
0 votes Thank Flag Link Fri Sep 11, 2009
The laws of each state are a little different on how a deposit is handled. In Florida the deposit can be placed in a real estate brokers escrow, title company or an attorney's escrow. Your offer id a good faith deposit and may be dictated by the bank offering requirements. Also, make sure that there is no place in the transaction process that it can become non-refundable. Your real estate professional should be sure your offer is subject to you getting financing and if you don't, the deposit should be returned to you. The same is the case if the property does not appraise at the sales price. Most bank sales are "as is" therefore be sure to have an inspection so there are no suprises to you. Richard I do hope you are using a real estate professional who should be answering these questions for you. Lou
0 votes Thank Flag Link Fri Sep 11, 2009
Richard,

If you use a REALTOR to make your offer, they will put your deposit into an escrow account. If the bank and you can not agree on terms od sale then you will get your deposit back.

Also, make sure you have a clause that the home must appraise for at least the purchase price.

Good luck,

Phil Moody
904-982-3373
0 votes Thank Flag Link Fri Sep 11, 2009
The deposit must be logged into a Trust Acct., not necessarily cashed. It WILL be returned to you IF you are not notified that you prevailed as the perspective purchaser. Realtor should be returning it, in that case.
0 votes Thank Flag Link Fri Sep 11, 2009
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