Deposit
- Thread starter joy4ever
- Start date
Either way it is a moot point, since you haven't signed a contract. Even then, if you had signed the contract, presuming the place is in Irvine, they'd probably give it back to you anyway (might not, never know).
Where the builders aren't so giving is when you put massive upgrades into the home (hence why I think most builders get deposits for like 50% of the upgrades).
Where the builders aren't so giving is when you put massive upgrades into the home (hence why I think most builders get deposits for like 50% of the upgrades).
paperboyNC
New member
I bought a quick move-in home and my builder said I could get the deposit back until 3 days after I signed the purchase agreement. If they haven't cashed it you can put a stop payment on the check with your bank for about $10.
AW said:
The only thing we signed was "Offer to Purchase". There's no mentioning of backing out. The only term stated on the form is like this:
"The terms of this Offer shall be subject to provisions and definitions contained in the Joint Purchase Agreement and Escrow Instructions ("Agreement") upon completion and execution of the Agreement by Seller and Prospective Buyer, whereupon this Offer shall be of no further force or effect. Neither delivery of this Offer to Seller no subsequent negotiations between Prospective Buyer and any agent of Seller shall obligate Seller to sell the property to Prospective Buyer. Seller shall only be so obligated to Prospective Buyer upon completion and execution of an Agreement by Prospective Buyer and Seller."
davenlei
New member
When we were looking for our first house we put a deposit on a house being built with a builder. a week and a half later we found something better and called the builder to get our money back. They had no problem writing us a check for the full amount and giving it back to us. I believe they knew they had no problem selling it because there was no hassle to get it back.
irvinehomeowner
Well-known member
Have you called the sales agent for the builder? They are usually pretty forthcoming when it comes to deposits and such.
eyephone said:
We weren't planning on making an offer when we went. I just asked the agent if they would consider a certain price and she said she could submit an offer and find out. We made an offer with a different builder before and they never asked for a deposit (They countered but we didn't accept). So I thought there was no harm making an offer with this builder. When they asked for a deposit, I wasn't thinking straight so it just happened. We do like the house but don't think we can afford it without significantly sacrificing our current lifestyle. Besides, the included upgrades are acceptable but not ideal (They look nice but not practical for us).
irvinerealtor
New member
If they've not made customizations to the home per your specs (added a bonus room, added a California Room, etc) then the return of your deposit should be straightforward.
This would be one of the key questions to ask the builder (or any seller, for that matter) when putting the earnest money into escrow.
*Also note in retail that different escrow companies have different policies, as well. Coast Cities is one that comes to mind where I've consistently had difficulty getting full deposits back from escrow (but did in the end).
Good luck in your search,
-IR2
This would be one of the key questions to ask the builder (or any seller, for that matter) when putting the earnest money into escrow.
*Also note in retail that different escrow companies have different policies, as well. Coast Cities is one that comes to mind where I've consistently had difficulty getting full deposits back from escrow (but did in the end).
Good luck in your search,
-IR2
Ready2Downsize
Well-known member
Did they cash the check?