Losing deposit money

[closingsoon]

Hi,

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.

[svelte]

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

[svelte]

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

[svelte]

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

[svelte]

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

[svelte]

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

[Author]

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