If I put a good faith deposit on a home found on the internet can I get it back if my buyers loan does not go through? I have 15 days to find a home

Asked by Jeannette Polfus, California Mon Aug 15, 2011

My buyers are playing hardball and want me to comp everything and I cannot do that and buy another home. Escrow closes on Aug. 31st.

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John Juarez, Agent, Fremont, CA
Tue Aug 16, 2011
Jeannette,

I reviewed the other questions that you asked in the last few days and I have to say, “WOW”! Don’t you have an agent? In one question, you state that no one is representing you! Scary!!!

The free help that you are trying to get on-line is no substitute for professional representation by an experienced Realtor.

Good luck! It looks like you will need it.
0 votes
Ron Thomas, Agent, Fresno, CA
Tue Aug 16, 2011
All of us want to know;
Where is your Agent in all this mess?

Surely he didn't desert you when you are in over your head like this?
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Mehdi Shenav…, Agent, Woodland Hills, CA
Tue Aug 16, 2011
Do you have contingencies on the home you are buying and do not let that pass you by. You are putting yourself in a weaker position. Your contract with your buyer is for the house as is not fixed up or you paying for all different kinds of costs. Your buyer wants your house ALMOST as much as you want to sell. Yes in this market being a seller is tough but do not put yourself in weaker situations. get your agent to go over things with you until you understand it and in time. I certainly hope you have an agent. Best wishes
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The Roskelly…, Agent, Gambrills, MD
Mon Aug 15, 2011
Oh my, it sounds like you are selling and buying. Hopefully you have a home sale contingency written in to your contract. Consult your agent on the best course of action. If you did not make provisions for this in advance you could be in a tight spot.
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Stephanie Le…, Agent, Miami Lakes, FL
Mon Aug 15, 2011
Are you using an agent? If so you really need to ask your agent to go over the details of your contract... Are you selling AS/IS? If you are selling AS/IS then you are saying to the buyer that you will not make any repairs to the property. You really need to speak to an agent... It seems from your question that your best interest is not being protected..

I hope it all works out for you...
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John Arendsen, Agent, Leucadia, CA
Mon Aug 15, 2011
Did you have a due diligence clause in your offer? If so for how long?
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The Medford…, Agent, Fremont, CA
Mon Aug 15, 2011
Jeanette:

Where is your agent? They should have carefully explained how contingencies work on your purchase and should also be looking out for your best interests when selling your home. And what do you mean by “My buyers … want me to comp everything?”

It doesn’t sound like you are getting good representation – do you have an agent helping you purchase your home? Do you have a listing agent for you current home? Can you clarify this for us, please?
.
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Emily Knell, Agent, Huntington Beach, CA
Mon Aug 15, 2011
So, handing them a dictionary with As-Is Underlined didn't work eh?

The buyers are going to walk all over you if you let them. Stand firm "The house is As-Is that means I will NOT be paying anything to you for repairs or anything else you can think of. The price we agreed was for the home in its' present AS-IS condition" end of story, end of discussion.

You say you have 15 days to find a home, close escrow & move out or are you renting back for 30days or so? You should consider getting a mo/mo lease somewhere or move in with family so you can find your next home a little more stress free.

Please work with a buyer agent, you can only get good faith deposits back if it is WRITTEN IN THE CONTRACT that you have X amt of days for this or that contingency (loan, inspections, etc)

EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Main Street Realtors
0 votes
Anna M Brocco, Agent, Williston Park, NY
Mon Aug 15, 2011
What is your agent advising--much will depend on your contract, therefore review the document as the answer can be found in it, or consider consulting with an attorney who specializes in real estate.
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Dianne Hicks, Agent, Rancho Bernardo, CA
Mon Aug 15, 2011
Not really clear on your question however it sounds like your house is in escrow. And you want to purchase another home but you fear your home in escrow may not close for some reason. Then you need to write a contigency in the offer that the purchase of new home is contigent on your current home closing escrow. That gives you your out should something happen. Then yes you would be able to get the money back.

Good Luck!!!
Kindest Regards,
Dianne Hicks
Web Reference:  http://www.di4homes.com
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