Has anyone ever walked away from a Fannie Mae contract and gotten their 10% deposit back? I have to let a deal go because my exit strategy fell through, but I have a $2100 deposit with them. Is it lost?
Depends on your contract and where you are in it and what your contingencies were and when/if you released them.
thank you sir. It is a week before settlement. It doesnt look good but didnt know if there were any loopholes or any thing. For example if i didnt sign the release and they were able to get another buyer fast....
You can always assign your contract and get your deposit from the new buyer...
They don't care if you have another buyer lined up for them let alone if they have a backup waiting to take your place. Your contract is all that matters for your deposit.
Fannie is by far the most organized and brutal sellers out there. If your contract doesn't have contingencies to abuse to get your deposit back than you are out of luck. I'd look over the title policy and hope for a flaw and/or use the remaining time trying to salvage the situation.
Get ready to take this on the chin as part of your learning curve.
What was your exit strategy?
Fannie does not let you assign.
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