Home Buying in 89122>Question Details

marmols, Home Buyer in Las Vegas, NV

can deposit be reimbursed by seller if buyer does not get a loan to close of escrow in nevada?

Asked by marmols, Las Vegas, NV Tue Aug 28, 2012

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6
As a rule yes, however it all comes down to what was agreed upon in writing in the contract and signed by both the buyer and seller. In the southern NV area most all REATORS use what is called the GLVAR Residential Purchase Agreement. The clause that says that the purchase of the home is contingent on financing needs to be completed. The denial for the loan needs to be legitamate.

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, REALTORS®
10777 West Twain Avenue, Suite 333
Las Vegas, NV 89135
Cell: 702.205.3093
http://www.HomesBySia.com
1 vote Thank Flag Link Tue Aug 28, 2012
Was the Residential Purchase Agreement writen to include a financing contigency? If so and you did not waive that right via any counter offer or addendum then the answer is yes you should get your EMD back due to your financing contingency.

Do you currently have an agent representing you? f so they should be able to answer this very easily once reviewing your contracts.


Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
O:702-932-8813
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com
0 votes Thank Flag Link Tue Oct 23, 2012
If the sale is contingent upon obtaining a loan, YES! read the contract to make sure....
respectfully,

Steve Harless - 702-217-1680
Eagle First Realty Partners
http://www.ViewLasVegasRealEstate.com
0 votes Thank Flag Link Sun Oct 21, 2012
A vague answer is yes in a resale and in a new construction their contracts usually do not support a refund of your earnest money. Is the seller for a resale home or a new home? Your contract will have the language you are looking for. Thanks for posting, Raina Musser
0 votes Thank Flag Link Wed Aug 29, 2012
Hello Mamols,
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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Steven Goldman, CRS
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0 votes Thank Flag Link Tue Aug 28, 2012
Yes, that is a common condition but it will scare off many sellers if you have a weak loan approval or have this condition in your offer. It is very importnat to have a very experienced agent draft your offer because the "devil is in the details". My wife and I are just what you need. Locals since 1976, profesional and full time agents or the last 18 years. Call any time after 8am. Thanks, Kim and Matt.

Matthew D’Ercole
One Source Realty and Management
Cell - 702.501.0973
Website - http://matthewsellslasvegas.las.mlxchange.com
0 votes Thank Flag Link Tue Aug 28, 2012
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