Profile picture for cwr4038

yes i put down a deposit on home, but do not quilify for loan will i get my deposit back

  • January 30 2009 - Palmdale
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Answers (7)

Profile picture for sunnyview
Most contracts have a financing contingency where if you don't qualify you get your deposit back. Read your contract to be sure.

Never mind. I didn't realize that the original post was from 2009.
  • February 10 2011
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If you have a mortgage contingency clause typically you can get your deposit back.  Make sure you contact your agent and they will help you out.

  • February 10 2011
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If your loan is not approved and your loan contingency has not expired nor have you removed it, yes, you will get your deposit funds back.  

Be sure to read your contract and know when your contingencies expire.
  • February 10 2011
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Save yourself the headache and wake up the next day with more money by:

1- pre-qualify yourself first;

2- then look for your dream home;

3- get pre approval next;

3- contact the sellers agent directly.
  • May 03 2010
  • 0Yes

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It all depends on how the contract and/or addendum were written.  Like Mr. Schatzl states, if the clause was checked, you have nothing to worry about.  There are some contracts that give a mandatory 17 days.  If you did not sign any further addendums or counter offers you should have nothing to worry about.  Contact your agent to see how the offer was written.  
  • October 07 2009
  • 0Yes

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Profile picture for Bracken2
yes
  • October 05 2009
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As long as your offer had a mortgage contingecy clause you will get your deposit back if you are declined a mortgage. The mortgage contingency clause has a time limit, a mortgage commitment date. You want to make sure you notify the Seller, or thier agent before that date to protect your deposit.

  • January 30 2009
  • 0Yes

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