Contingency questions

[Netspeed]

What is the name of your state? CA

From what I can tell on the CRPA, it looks like getting approved for a loan is a standard contingency. If we can't get approved, do we lose our deposit?

Also on the CRPA: Line 14(b)3 says we have 17 days to remove contingencies in writing or we can cancel the contract. Would we lose our deposit in that instance and is there ever a scenario (barring home inspection results) where we might keep our deposit?

[lcannister]

From what I can tell on the CRPA, it looks like getting approved for a loan is a standard contingency. If we can't get approved, do we lose our deposit?


Not if the contract is properly written.


Also on the CRPA: Line 14(b)3 says we have 17 days to remove contingencies in writing or we can cancel the contract. Would we lose our deposit in that instance and is there ever a scenario (barring home inspection results) where we might keep our deposit?

Yes, you have a properly completed contract with proper stirke throughs initialed by all parties. The sellers are just trying to keep the process from dragging out forever, they are protecting themselves, so in return you have someone working to protect you.

[Netspeed]

What are general indicators that it's not written properly?

[nextwife]

Originally Posted by Netspeed

What are general indicators that it's not written properly?

ALL the terms of the loan you need, and the time frames for obtaining a firm commitment for that loan, should be outlined in detail in your financing continguency. The mortgage amount you need, the maximum APR interest rate, the PITI payments, the length of loan and amortization, max points, etc.