New homes: question

Let's say u book a house with security deposit of 10K, but by the time your house is ready due to some unforeseen circumstances you can't buy, will builders such as cal pacific , irvine pacific will return your deposit?
For example if you loose your job or move to another state due to work?

It's entirely up to the builder.  If the market is strong, and they won't have any problem re-selling the house, then they'll probably give you back your deposit.  If the market is weak and you picked unpopular options and the builder thinks they'll have a problem moving the house, they might keep it.  I've heard of builders keeping the deposit.

Every builder has their own contract and language, but with Irvine Pacific, it states that it is possible to recover your deposit in the case of extenuating circumstances. But the case will have to be reviewed by an arbitrator. If you lose your job it should be fine, but relocation may be a stretch.

irvineguy said:

Every builder has their own contract and language, but with Irvine Pacific, it states that it is possible to recover your deposit in the case of extenuating circumstances. But the case will have to be reviewed by an arbitrator. If you lose your job it should be fine, but relocation may be a stretch.

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Agrees with irvineguy.  Irvine Pacific is pretty good about refunding the deposit should you lose a job, although you may have to fight for it or have your realtor speak on your behalf.  Even tho in the contract they say you will lose your deposit.

However if you relocate, which happened to someone in my neighborhood, they were forced to close escrow and then sell their home.

Interesting.. If someone relocate then its seems they will loose deposit. Its not fair, i think they should accommodate such situations for Gods sake.

One of the main reasons why builders LIKE cash buyers - less likely to back out of home purchase.