I am closing on my house and all closing costs will be paid by builder (pioneer) I will not be using the money I put down on upgrades and closing costs. How long will it take for these monies to be returned to me?
2007-06-12 07:10:26 · 5 answers · asked by jonetta_williams 2 in Business & Finance ➔ Renting & Real Estate
The money could be used towards down payment or closing but it wont be used towards either so they will reimburse it back to us.
2007-06-12 08:24:37 · update #1
Out here in my area it would take 2-4 business days after your home closes & records (not from the time you signed docs necessarily). I do hope that was clearly in your contract to receive all earnest money at closing. Those instructions would have been part of your closing documents you signed, and on a sheet called the HUD-1.
Sounds like you got a sweet deal having them take care of all those costs!
Good luck in the new house and enjoy! It's an exciting time and the best part of my job! (I'm a REALTOR out in the West)
2007-06-12 07:34:15 · answer #1 · answered by R.E. Advice 3 · 1⤊ 1⤋
Are you sure that it will be refunded to you ? In my area, earnest money deposits are credited against the purchase at the time of closing and are used against the cost of the house.
However, if you have managed to obtain a full finance mortgage and the money is due to be refunded to you, it should not take long at all, since the title/escrow firm has your funds in its escrow account.
2007-06-12 07:22:17 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
Builders make their own rules.
Call the sales office and ask them.
They most likely will apply it to the purchase price.
You normally DON'T get your earnest money back.
Terry Smith
http://www.Welcome2Arizona.com
2007-06-12 10:43:04 · answer #3 · answered by Terry S 5 · 0⤊ 0⤋
Probably a week or two...we just bought a house & the title company owed us a check & we got it pretty quickly after closing. Congrats!
2007-06-12 07:13:35 · answer #4 · answered by Jen J. 3 · 1⤊ 0⤋
Why isn't that part of your down payment?
2007-06-12 07:20:40 · answer #5 · answered by Oh Boy! 5 · 0⤊ 1⤋