Everything needs to be in writing, there is protection for both the buyer and the seller in our contracts.
If you are already in contract you should discuss this with your agent. If you are not I would be happy to explain this or any other subject concerning purchasing a home.
Wishing you the Best!
Sia M. Howe, ASD, MIRM, CSP
Prudential Americana Group, REALTORSÂ®
10777 West Twain Avenue, Suite 333
Las Vegas, NV 89135
Do you currently have an agent representing you? f so they should be able to answer this very easily once reviewing your contracts.
The Adams Team at
Rothwell Gornt Companies
Look at the contract. The contract will show if it is refundable. I am a bit concerned that you did not ask your Realtor. Any contract that you sign should be explained to you before it is signed. You and the Seller can agree to the terms of a return of deposit in the contract.
If the loan was denied due to something the Buyer did and that Buyer knew from the beginning that the loan was not going through and the Seller accepted the contract in good faith, the Seller may be in a position want to keep the deposit even though it was agreed upon that it was returnable. Then you need the courts to iron that one out.
The Seller does not typically reimburse the Buyer as the deposit should be held in Escrow. The Seller must agree to the release of the funds to the Buyer for Escrow to release the funds.
There are times when the Buyer has released the deposit funds earlier than close of escrow to the Seller. In that case, the Buyer would need to sue the Seller if the funds were not returned and the contract states that it should be.
Good lick and happy house hunting.
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