Buying or Selling a Home/earnest deposit

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Expert: - 1/21/2009


Question
I have always been under the impression that if a seller executes a contract with a buyer and the buyer has checked the FHA financing box, their deposit is not at risk even if their are contingencies, correct?

Answer
Dear Jordan,

In a word the answer is NO.  Checking the FHA financing box only states that you will be getting FHA financing.  When you remove your contingencies it means you no longer have any contingencies.  Once all contingencies have been removed your deposit is at risk.

Hope this helps.

Sue Bernstein

Buying or Selling a Home

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Sue Bernstein

Expertise

My expertise in in residential real estate., I have been selling residential real estate for over 2 decades in the Los Angeles area. I can answer most questions regarding real estate in the state of California and most generic questions for the rest of the country relating to buying and selling homes, selecting a real estate agent, and more!

Experience

Residential Real Estate, Probates, Conservatorship and Trust Sales

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Brokers License E-Pro Certified

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