Home Buying in Santa Clara>Question Details

Sassylassie1…, Home Buyer in Chicago, IL

does the seller keep the 10% deposit if I change my mind on buying a property?

Asked by Sassylassie1939, Chicago, IL Sat Jan 4, 2014

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7
There is a specified inspection period in your contract - usually 17 days, but can be longer or shorter depending upon the needs of the parties.

If you cancel within your inspection period, you will get your money back. If you cancel after that period has expired, you will not.
1 vote Thank Flag Link Sun Jan 5, 2014
It depends on what you have in your contract and where you are in removal (if any) contingencies.

As your Real Estate Broker.
1 vote Thank Flag Link Sat Jan 4, 2014
It depends on too many factors to answer without knowing the whole story. Most probably not but your relator or a qualified California real estate attorney will be able to answer this question.
Web Reference: http://talisrealestate.com
1 vote Thank Flag Link Sat Jan 4, 2014
Is the 10% deposit you're talking about your earnest money deposit? 10% is typically higher than the average earnest money deposit.

If you change your mind about buying the property before you have removed all your contingencies, then you may be able to get your 10% deposit back. However, as the others have stated, if you have already removed all your contingencies and then change your mind about buying a property, you will most likely lose your deposit.

The length of the contingencies period varies, depending on what you/your agent and the seller/listing agent have negotiated. Please refer to your contract to see how long your contingency period is.

Good luck with your purchase, and please contact me if you need an agent to help you during the home buying process.

Best regards,


Huey Nguyen
0 votes Thank Flag Link Wed Mar 12, 2014
The inspection, apprisal and financing contingencies give you the right to cancel and get your deposit back. The most common situation is that the Buyer cancels during their inspection contingency period, which is usually 7-10 days.
0 votes Thank Flag Link Wed Jan 8, 2014
Most contracts specify a liquidated damages limit which is typically 3% and is intended to limit how much money you would loose. Advice on how much you might lose and how likely you would lose can only be given by a licensed attorney.

I've seen loses range from zero to the maximum specified liquidated damage.

As others have said, any contingencies you have not removed may provide a way to terminate your obligations to purchase the home and return all money to you. It depends upon how the contingency is written.

Santa Clara home values are provided at
http://julianalee.com/santa-clara/santa-clara-statistics.htm

Santa Clara recent sales are provided at
http://julianalee.com/santa-clara/santa-clara-home-sales.htm

Juliana Lee
Top 2 agent nationwide at Keller Williams Realty, the nations largest
Cell 650.857.1000
juliana@silicon-valley-homes-for-sale.com

Over 20 years experience
Over 1,000 homes sold in Santa Clara County and San Mateo County
.
Web Reference: http://julianalee.com
0 votes Thank Flag Link Tue Jan 7, 2014
Hi Sassy,

If, after the 17 day period, you sign a Contingency Removal removing all contingencies, the chances of getting back your deposit would be slim. If you have doubts about continuing with your purchase, discuss them with your agent ASAP. Don't delay.

Best of luck to you!

Barbara Grandolfo
0 votes Thank Flag Link Sun Jan 5, 2014
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