If you do not sign to remove the 17 day loan contingency, can you still get your earnest money deposit back

Asked by Kyle, Sherman Oaks, CA Mon Mar 31, 2008

if the 17 days has elapsed. Please let me know. Thanks.

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David Hitt, Agent, Los Angeles, CA
Sun Apr 13, 2008
Not knowing the specifics of your deal I cannot advise you. You really need to seek legal counsel.
0 votes
Vicki Moore, Agent, Roseville, CA
Mon Mar 31, 2008
Typically builders use their own contracts, not the standard California Association of Realtors purchase agreements. Not being your agent, nor reading the specifics of your particular contract, I'm sorry, but I cannot advise you.

Reading into what you've indicated she's saying, it sounds as if the builder is willing to wait for you to get a loan.

Read your contract carefully. If it still doesn't make sense, your best bet is probably going to be to get the advice of an attorney.

I wish I could help more. I understand your nervousness.
0 votes
Kyle, Home Buyer, Sherman Oaks, CA
Mon Mar 31, 2008
It is just the standard 17 day loan contingency in CA real estate contracts. My agent represents both the builder and myself and she informed me that if I do not sign the removal then they cannot get your money.
I am getting nervous since I have 3 days left before it expires and I have not finalized a loan yet. She tried to reassure me that my money is safe as long as I have not signed. However, I did a little research and found that if the builder does not sign then I also cannot get the money. This does not help me if my money is in limbo. Please let me know. Thanks.
0 votes
Vicki Moore, Agent, Roseville, CA
Mon Mar 31, 2008
That's a question you should ask your Realtor. Without having the opportunity to read your contract, it's not possible to answer. If you don't have an agent, you can consider getting an attorney's opinion.
0 votes
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