Asked by Big_shot2k, San Jose, CA • Wed Oct 7, 2009
What is "Good Faith Deposit" ?,
Is it required by law while buying foreclosure or shortsale home?, If so, is it 3% of the home price ?
Also, Is it true that a buyer will lose this deposit if his lender doesn't approve the loan with in 21 days after the seller has accepted the offer ?
Can somebody please provide details on this deposit?
Thanks very much in advance.
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