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by dakota1231 on March 17th, 2006

dakota1231

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I've given earnest money plus a down payment. I've been told I need to give more money to see if my son can get a loan. I want to back out but my agent says I'll lose everything. Is this true?

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  • by JackNicklaus on March 21st, 2006

    JackNicklaus

    Sounds suspicious to me. Why would someone put a down payment with a contract? Ernest money is usually involved to assure the purchase offer in intent. If the seller takes the offer as is with no changes whatsoever, then technically they can keep the ernest money. But, you could find a lawyer willing to fight that action. There is usually something that has to be changed to make the deal flow. Even if the financing can't be arranged, usually the ernest money is returned. If you don't trust your agent, call a lawyer. But, first, I'd tell the agent you are calling a lawyer. It might save you from having to pay a lawyer.

    Comments

    • The earnest money is submitted with the contract to show good faith. My assumption is that the mortgage company has told the son he needs a larger down payment to qualify for the loan.

      Thriftymaid

      by Thriftymaid on August 12th, 2009

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