Once you have decided to purchase a home and have been preapproved at 100% financing. Your offer is sent over to be accepted by the seller.

They ask that you put up earnest money in the form of a check. Is there any amount of time you have to cancel this contract or offer and not loose your earnest money if you mind is changed for any reason before or after you offer has been accepted?

Hello l:

You CAN cancel BEFORE it's signed, but not AFTER.

excon

That's the whole point of the earnest money, so the seller knows you aren't just yanking their chain. That money is proof you are serious and as such they remove their property from other potential buyers. If there ends up a misrepresentation about the property you are buying, then you can get your earnest money back.

Of if the terms of your contract can not be made, for example if your contract says you have to sell your old home, or you have to get that 100 percent loan. I have to laugh on that pre-approved BS... I was told that by two mortgage brokers, even had an approved interest rates,

Well 3 months latter I finally got that approved loan with a dozen changes in the terms. They keep putting me off and off and off. Had I known it was going to be like that I would have just used the local bank