Getting Your Earnest Money Back: 4 Ways to Cancel in AZ

Getting Your Earnest Money Back: 4 Ways to Cancel in AZ

 

Time to make sure you understand Arizona's contract: Don't enter a real estate agreement blind! During the 10-day inspection period, you can cancel the contract and get your earnest money back if something arises you don't agree with.

 

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In what ways can I get my earnest money back in the contract and cancel? There's four main ways in our Arizona contract that you can get your earnest money back. The first big one is your 10-day inspection period. If for some reason we find something in the inspection and or we can't come to terms with the seller, you can cancel your contract and get your earnest money back from title in most cases. Second one is what we call the appraisal contingency. If the home doesn't appraise and or we can't come to terms with the seller if it doesn't appraise for an agreed upon price, you can cancel the contract and get your earnest money back in most cases. Another one is the HOA. So the HOA disclosure has to be sent to you as the buyer. You then have five days in our Arizona contract to review those documents and if for some reason you don't like what they say, you can cancel and get your earnest money back in most cases. And the last one, which the sellers really don't like, is if for some reason under good faith you trie everything possible to get your loan approved all the way up until three days prior to closing, again under good faith that you tried every option possible, you can cancel and get your earnest money back in most cases. If the lender says you don't qualify for the loan, what we typically see in that situation is if the buyer lost their job or something more serious like that.

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