Deposit

  • Thread starter Thread starter jmoney74
  • Start date Start date
NEW -> Contingent Buyer Assistance Program
J

jmoney74

Guest
If you put a deposit on a new home, how far can you get in the process before you can cancel and get deposit back?
 
Once they deposit it into escrow, the money is at risk.  There is no 17-day contingency period with new home builders.
 
you do have three days to back out of the actual purchase agreement. i think they normally wait to cash the check though until after the three day cooling of period. so like USC said, if they do wait to cash the check there is no gaurantee your buddy gets his money back.
 
It depends on builders but usually they don't cash out for a few days to a week.  Within that period, you can cancel for any reason and get the check back or the builder can shred it for you.  After that period and once the check is deposited, it's all she wrote most of the time.  Even if they sell the house next day to someone else, the builder keeps...
 
You must log in or register to reply here.
Back
Top