Your email alert settings have been saved. Access all your email alerts in your My Trulia account anytime! Menu Icon Click to open Mobile Menu. Buy Rent Mortgage Sell Find an Agent For Professionals Local Scoop More Trulia Blogs All Trulia Neighborhood Guides Go Mobile with Trulia Advice Ask a Question Help Center For Professionals.

Do I get back my earnest money deposit if I change my mind about purchasing the property? Highest rated Recent Oldest.

Mim Heisey , , Shippensburg, PA. Tue Apr 8, Ingrid, Thanks for a good question that all buyers should ask BEFORE they sign an offer.

I trust that's your case. When you sign an offer to purchase realestate, you are signing a LEGAL BINDING AGREEMENT!

Understanding Due Diligence and Earnest Money on the NC Offer to Purchase and Contract

Until the seller signs it and you or your agent have been notified that it IS SIGNED it is an 'OFFER', and you MAY be able to withdraw it without consequences. But there may be other things as well. A good agent will not rush you in to something you don't understand, and will diligently try to explain it to you. IF you are not comfortable- DONT SIGN.

Thanks again for a good question. Mon Apr 7, It really all depends on how far along you are on the contract. For Prennsylvania Real Estate transactions, there are several options, or contingincies, that allow you to review the property before going to settlement. Depending on what contingencies you checked off, you may or may not be able to get your deposit back.

I would speak to your agent. The answer to your question would depends on the terms of the agreement. If all of your contingincies have been met, then you would be in default.

Making an offer on a house, and paying Earnest Money

However, if you have home inspectioon option 1, that is the best way for a buyer to back out of the deal. Or your mortgage getting denied.

Earnest Money

But again, it would all depend on how your contract was writtten. For more helpful hints visit our website below. Kim Benedict , Agent, Overland Park, KS. Fri Sep 6, It depends on how far along you are in the process If you are waiting on inspections and they come back with issues you can easily back out of the offer. If you have signed any contracts it is a binding contract and not always easy to get out of, there could be lou poles as the inspection, yet it is best to have legal council to keep you safe in any real estate transaction and you really should seek that advise if you have signed any contracts.

Remember earnest money is an agreement that the seller take or hold the property till all agree where the property stands on condition issues, and if you back out that money is to cover any other potential buyer that the seller could have lost during this process Fred Glick , Agent, Mountain View, CA.

I am sorry you want to back out, but without a real reason per the contract, you cannot.

Buyers and Sellers have agreed in writing to do things. It is possible that if you do not fulfil the contract, the Seller could sue you for the balance of the sale price, not jus your deposit. It, again, depends on the contract. I suggest that you be honest with your agent and possibly get a real estate attorney to help.

Jennifer King , Agent, Wyomissing, PA. Sun Apr 6, I hope that helps!

Do I get back my deposit if I change my mind about purchasing a property from a seller doing a quick flip? Can I get my earnest money back? Will I get my earnest money back? Ask our community a question. Real Estate in Philadelphia. Home Buying in Nearby Locations. Jenkintown Rockledge Foxcroft Meadowbrook Rydal Bryn Athyn Bethayres Huntingdon Valley Lawncrest Lawndale. Popular Categories in Moving Curb Appeal Financing Rental Basics Rentals For Rent Rent vs Buy Market Conditions Using Trulia Tech Tips How To District Of Columbia Real Estate.

New Hampshire Real Estate. New Jersey Real Estate. New Mexico Real Estate. New York Real Estate. North Carolina Real Estate.

North Dakota Real Estate. Rhode Island Real Estate. South Carolina Real Estate. South Dakota Real Estate.

Home Buying: Do I get back my earnest money deposit if I change my mind about purchasing the property? - Trulia Voices

West Virginia Real Estate. District Of Columbia Rentals. Real Estate Agent Portal. Visit our Help Center to find the answer.