New Home Deposit - What happens if I back out of purchase agreement

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emmitt2023

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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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emmitt2023 said:
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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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.

These are the questions you would want to ask Shea, New Home Company, and Cal Pac when you sign up for priority lists.
 
It depends on the builder and the circumstances. If you just have a chance of heart no you won't be able to get your deposit back but if it's due to a job loss or relocation then they may be open to refunding you the deposit (plus given how strong the market is). I would recommend speaking to the builder.
 
Got it. Understood. Thanks for info, guys!

Currently on the waitlist for Sierra, arbor, and fiore. Keeping our fingers crossed!
 
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