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Henry, Home Buyer in Moreno Valley, CA

can your deposit be kept by the bank if you back out of purchasing a house?

Asked by Henry, Moreno Valley, CA Fri Jun 27, 2008

I made an offer on a house, but a couple of weeks later saw a better deal. I was told that my $1000 deposit would be returned in a couple of weeks, but now the real estate agent is claiming that the bank does not want to return my deposit.

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2
Henry,

Check your contract and refer to an attorney.

Good luck,
The "Eckler Team"
0 votes Thank Flag Link Sat Jun 28, 2008
Hello Henry,

I'm assuming this is an REO property. In purchasing an REO you typically sign an additional bank addendum that demands much more aggressive execution and commitment from the buyer. Almost every bank addendum I've seen has a time lapse removal of contingency clause... this means that the buyer does not remove contingencies (loan contingency, appraisal contingency, inspection... etc.) in writing. Rather, once a certain amount of time lapses in escrow without the buyer backing out (typically 5-10 days) contingencies are assumed and effectively removed. Read your bank addendum carefully. I've found that the banks are very aggressive in keeping deposits.

Good luck in gaining resolution in the matter.
Best-
Tara
0 votes Thank Flag Link Fri Jun 27, 2008
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