Contingency agreement for different reasons

Asked by Mary, Plano, TX Sun Feb 17, 2013

If I'm going to write a contract with a new builder, should I write a contingency agreement to get the 100% earnest money back in case the loan is not approved. I don't think the builder himself does not provide a contingency agreement for reasons like that.

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Mack McCoy, Agent, Seattle, WA
Sun Feb 17, 2013
You can write all you want, but the contract has to be agreed upon by both parties, and if the builder doesn't want to accept your contingency agreement, they won't.

I think the easy way to go about this is to ask them.
1 vote
Thank you. So ultimately the Builder has more power than a buyer especially in this time when the real estate is improving. I like people like you who helps the community.
Flag Mon Feb 18, 2013
Bruce Lynn, Agent, Coppell, TX
Wed Feb 20, 2013
#1....don't go in this alone.....make sure to take a realtor with you.
#2....most builders will give you the earnest money back at some point in apply for the loan immediately or before you sign the contract in most cases. You don't get approved you get the earnest money back. if something happens before closing like you loose your job the day before, then they might not be as willing to give it it will depend on the circumstances.

Typically we can save you time, money or headaches when using us as your realtor. Just for things like that you ask. You always want someone in your corner reviewing your contract, taking notes, helping you with inspections and negotiations.

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Mack McCoy, Agent, Seattle, WA
Tue Feb 19, 2013
- Thank you. So ultimately the Builder has more power than a buyer especially in this time when the real estate is improving. I like people like you who helps the community.

You're welcome.

It isn't a matter of power, it's a matter of two parties coming to an agreement. The financing contingency is a standard clause here in Washington State - if the buyer doesn't get the loan after a good-faith effort, they get their earnest money back. There are some conditions - the buyer has to state what kind of loan they're going for and which lender - but it's normal here.

Thank you.
0 votes
Brent Rice, Agent, Plano, TX
Sun Feb 17, 2013
Brent S. Rice, SFR, Real Estate Pro in Plano, TXMary, as before, I am not clear on why you are approaching this situation alone (as it appears you are). Please explain so this forum can better understand why you wish to solicit input but not have expert representation, especially when it won't cost you anything. 

Brent Rice, Trulia Top Recommended Broker (Pro & VIP) 
The Rice Group, Inc.  
0 votes
As a buyer I want to know my rights. If you are not willing to answer my question publically, don't answer it, but don't solicit for consultation to generate business for you.
Flag Sun Feb 17, 2013
Dallas Texas, Agent, Dallas, TN
Sun Feb 17, 2013
No professional can render an opinion for fact we don't have copy of entire sales agreement determine what every specification in that contract of the what if's and etc.

RECOMMEND: Realtor represent you assist with all contracts .

Happy to represent you

Lynn911 Dallas Realtor & Consultant
Multimillion Dollar Sales Producer

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