Home Buying in 93230>Question Details

Mikaela, Home Buyer in Hanford, CA

so I will lose $2000.00 how about that liquidated damages?. will the mortgage company charges me too?

Asked by Mikaela, Hanford, CA Thu Jan 5, 2012

I am a buyer, I was informed of a notice of buyer to perform and a notice of termination. It says Buyer: if you do not remove the contingencies or take thec contractual actions specified above w/in 2 days after deliveries of this notice to buyer to perform, seller may ancel the Agreement. According to the notice of termonation my deposit will go to the seller

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Answers

5
First, all the advice given to you can be summed up with - talk to your agent and read your contract. If you can't get an answer from your agent that you understand, talk to the broker. However, more importantly, why aren't you "performing". You receive a notice like this because you are not meeting contract deadlines. That fact needs to be discussed with your agent. Don't ask Trulia, or your aunt, or your cousin, or your best friend. none of them, or those of us monitering questions on Trulia, can be useful. Because we do not know the facts. You have an agent and a broker. Go talk to them and, since they are working for you, expect them to tell you the truth. Then cooperate, if you have not been getting your papers to your loan officer on time, you are not available to release inspection contingencies, or sign papers, make sure you understand these, by contract, have due dates. Your goal- buy a house. Not cooperating will keep you from achieving your goal. Your agent, your lender and the escrow officer are all trying to help you achieve that goal. Don't leave your agent's office until you know the answer to your question.
0 votes Thank Flag Link Sun Jan 8, 2012
Why will you lose $2000? I can't comment specifically without reviewing the contract, but if you haven't signed off on contingencies yet you should be able to get any earnest money deposit back unless you are acting in bad faith. There should be no charges from the mortgage company other than perhaps an appraisal fee if that has been done already.

You should talk with your agent.

Best Regards,

Lance King/Owner-Managing Broker
lance@fixedrateproperties.com
415.722.5549
DRE# 01384425
0 votes Thank Flag Link Fri Jan 6, 2012
It really depoends how your offer was written, hopfully you have a buyer agent guiding you, if not you should see an attorney for a clariciation. The contract should state it is contongent upon say a mortgage and home inspection. If you notify them within the dates you can not get a mortgage or if your inspection fails you should be able to get your deposit back. if you wait and went beyond those dates, yes you could lose your deposit. Check your contract for your dates.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Fri Jan 6, 2012
You should talk to whoever wrote the offer for you. Contracts vary widely from state to state.
0 votes Thank Flag Link Fri Jan 6, 2012
Mikaela, a lot depend on how your contract was written. And we can't see your contract. I hope you had a buyer's agent, because you will want to ask whoever is handling the transaction these questions.
0 votes Thank Flag Link Fri Jan 6, 2012
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