Can new home builder keep deposit if they sell to another buyer?

What is the name of your state? CA

Can the new home builder keep my deposit money even if they sell the house to another buyer for the same price.
The sales contract states that deposit money is refunded only if buyer is unable to get a loan (it doesn't say what kind or term of loan). Does that include no-income verification or interest only loans?

Thanks in advance for any advice.

Tom

[HomeGuru]

Originally Posted by tom555

What is the name of your state? CA

Can the new home builder keep my deposit money even if they sell the house to another buyer for the same price.

**A; yes.
*****
The sales contract states that deposit money is refunded only if buyer is unable to get a loan (it doesn't say what kind or term of loan). Does that include no-income verification or interest only loans?


**A: yes.
*********
Thanks in advance for any advice.

Tom

**A: Ok**************..

Is it reasonable for me to tell its (home builder's) lender that I don't want those type of loans and that I want the more traditional loans with full verification? I am trying to back out of the deal.

Tom

I should clarify that I will not qualify for a more traditional loan with income verification.

Tom

[HomeGuru]

I am not going to give you advice on how to back out of the deal. Read your contract and talk to an attorney.