“I’m afraid of losing my deposit if I don’t get my loan. Will the 3-day right of rescission protect me?”
Answer:
Bad news, good news.
Bad News: You have no right of rescission when you buy a home. Such laws do not apply to real estate contracts.
Good News: The standard California CAR contract gives you a financing contingency, typically at least 17 days and often until closing. If you don’t get your loan, you get your deposit returned.
To make sure all goes well, three bits of advice:
1. Use a recommended lender who’ll get the job done (I can recommend one to you).
2. Get your loan started right now. Before you start shopping for a home.
3. Once it looks like your offer will be accepted, push your lender all the way through the process to get your loan approved.
