emmitt2023
New member
Another question - is anyone aware whether these new Irvine home builders return buyer's deposit if buyer backs out of the purchase agreement? Any recent experience as of 2023/2024?
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You lose the depositAnother question - is anyone aware whether these new Irvine home builders return buyer's deposit if buyer backs out of the purchase agreement? Any recent experience as of 2023/2024?
As far as I know, you're not getting your deposit back once you've signed the purchase agreement. You only get it back after signing the reservation but before purchase agreement. From my experience, Lennar would have given you back your deposit if you end up failing to secure a loan if circumstances change (such as the jump in mortgage rates last year). However, Irvine Pacific explicitly stated that you would not get your deposit back regardless of circumstances.Another question - is anyone aware whether these new Irvine home builders return buyer's deposit if buyer backs out of the purchase agreement? Any recent experience as of 2023/2024?