Home arrow Mortgage Forums arrow Loan Talk for First Time Home Buyers arrow

Want to back out of a home purchase

Author Message
Guest









Post Posted: Mon May 25, 2009 10:08 pm    Post subject: Want to back out of a home purchase
Like 0
Dislike 0

The purchase is 20 days into escrow, an reo property, with a good faith deposit of $4,000. Can I withdraw and keep my money?
Icon Mini Profile jerry
jerry
Moderator



Joined: 17 Oct 2005



Posts: 2619
Location: MICHIGAN
415.87 Dollars($)
Post Posted: Tue May 26, 2009 6:23 am    Post subject:
Like 0
Dislike 0

Hi Guest,

As far as I know, a withdrawal of good faith deposit and other deposits and non-refundable fees are allowed only within the 48 hours after submitting the application. If it is already past that time, you will not be able to get a refund of the money.

Thanks,

Jerry
Icon Mini Profile SSPINGARN





Joined: 30 Apr 2009

Posts: 96
Location: MATAWAN NJ
16.95 Dollars($)
Post Posted: Tue May 26, 2009 7:00 am    Post subject:
Like 0
Dislike 0

your attorney should be able to help ypo out with this
_________________
SCOTT SPINGARN
BRANCH PARTNER
RBI HOME LOANS
732-290-1888
WWW.RBILOANS.COM
Icon Mini Profile gmakerley
gmakerley
Community Mentor
Community Mentor

best lender badge

Joined: 09 Nov 2007

Posts: 12346
Location: bloomfield, ct
53.01 Dollars($)
Post Posted: Tue May 26, 2009 8:21 am    Post subject:
Like 0
Dislike 0

if you are simply backing out, and there's no compelling reason, i doubt highly that you'll be able to retrieve your money
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
Icon Mini Profile sunil87020





Joined: 04 May 2009

Posts: 339

26.96 Dollars($)
Post Posted: Tue May 26, 2009 10:40 am    Post subject:
Like 0
Dislike 0

Hi SSPINGARN,
How attorney will help in this? I am not getting wht you want to say.
Can you please elaborate?
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights
Bookmark this page
Share |

Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (265)








Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 21.089 seconds.