Losing deposit money

User Forum Topic
Submitted by closingsoon on February 11, 2009 - 1:03pm


The closing for my new home in San Diego is scheduled in about 4 weeks. My mortgage application has already been approved but I have not locked the rate yet. I am hoping that the rate will drop in a week or 2 and then lock the rate at that time. However, the builder's sales lady called me today and told me that I have to lock the rate in 3 days. She said that the mortgage company is very busy and if I wait for 2 weeks to lock the rate and the closing is delayed because of this, then I may lose my deposit money. I suppose that means the builder will sell the house to someone else and keep my deposit money. Can they do that?

Thanks in advance.

Submitted by svelte on February 11, 2009 - 1:25pm.

You must have signed something when you gave them the deposit. What did the paper that you signed say?

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