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Good Faith Deposit???

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laborday06
LIF Infant

Member since 6/05

166 total posts

Name:

Good Faith Deposit???

What exactly is a good faith deposit? If the seller does not accept your offer, how quickly do you get your money back? What does this money go towards?

Posted 9/2/05 9:07 AM
 
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raken40
soooo in love:)

Member since 5/05

4369 total posts

Name:
Karen

Re: Good Faith Deposit???

we had to give a $500 good faith deposit on one of the houses..The check gets made out to the seller, but the realtor holds on to it. In our case, I faxed a copy to our realtor, and we ended up withdrawing our offer on the house, so I tore the check up.
I think that if everything with the house goes through, its just that much less at closing...but i'm not 100% sure

Posted 9/2/05 2:43 PM
 

dengal
Dad of Twins

Member since 5/05

1385 total posts

Name:
The 80's Man
Let's Go Mets!

Re: Good Faith Deposit???

Posted by raken40

I think that if everything with the house goes through, its just that much less at closing...but i'm not 100% sure



This is indeed correct

Posted 9/2/05 4:11 PM
 

DjPiLL

Member since 5/05

3664 total posts

Name:
Richard

Re: Good Faith Deposit???

Posted by dengal

Posted by raken40

I think that if everything with the house goes through, its just that much less at closing...but i'm not 100% sure



This is indeed correct




Either that... or they just hand the good faith check back to you while you are in contract and they go with the original numbers.

This makes the bank's life easier cause if you ask them to change numbers in the middle of contract... they are most likely going to screw something up.

The good faith deposit is usually just a formality anyways.

Posted 9/2/05 7:20 PM
 
 

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Good Faith Estimate jaysee00 4/10/06 11 Home
 
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