REDC Auction, Lose Your 5k Earnest Money?
Has any one done a REDC auction where they had to put up the $5000 earnest money and not been able to get financing on the property?
Do you lose your money?
Has any one done a REDC auction where they had to put up the $5000 earnest money and not been able to get financing on the property?
Do you lose your money?
Be careful of the recommended pre qualify from countrywide it is a pre qualify. I pre qualified then due to a low purchase price the would not finance the house.
I had to us a local bank & yes I would have lost my deposit. Make sure you have all your ducks lined up in a row before you bid.
Have bought from Hudson & Marshall, Williams Auction and now REDC.
So far all have gone well, just know that deposits can be lost..
one must be aware of the difference between pre-qual, and pre-approved.
Thanks all for your valuable input...
--Mike
Although they seem to make it sound like they are playing hardball, there seems to be no problem getting out of the contract. I was high bidder on a beachfront condo, was supposed to be acash deal I let them know I was financing, lender said no problem. It ws a problem and they could not get the loan through. After a couple of extension request, I had to back out of the deal expecting to lose my 8,000 but they refunded all of it.