A buyer who doesn’t want to use a realtor, made a contract with KB homes and still visiting others builders and saying that if he finds something better he will cancel his contract and get his full 100% earnest money back. Is that possible when his l

It is possible for the buyer to back out of the contract but whether or not they receive their EM is a different story. This is the reason why buyers should use a real estate agent to assist them through this process.

In real estate transactions, the specifics of contract terms can vary, and legal requirements may differ based on your jurisdiction. It's important to consult with a legal professional or a real estate attorney who can provide you with accurate advice tailored to your situation.

It's extremely unlikely, but it ultimately depends on what the legal agreement signed between both parties dictates. I recommend reaching out to an attorney to figure out their best options.

Edith If this Buyers have written on his contract that he can get his EM for specific Period of days, may be he get it, verbally not count sometime Builder Rep said say something to specially if they go directly without realtor Buyers go. And if at what's stage of New home is, Just Plot or construction done? you have to ask this Buyers read contract word to word and check with attorney.

The buyer miss understood. New construction normally has a 7 day period where you can opt out . After that he will lose his Ernest money. His contract would have to state he can cancel at any time for any reason and no one is going to put that in a contract.

Depends on the terms but yes.

A customer who does not want to use a REALTOR needs to read his or her contract before signing it and have reviewed by an attorney. Not all new home builder will return their earnest money deposit. Builders have their own contract written up by their attorneys to protect their interests not the buyers interest. The buyer should consult an attorney. As an agent make sure you ask the question is earnest money deposit is refundable before a contract is signed, ask for the section of contract that states it, and before a client goes to look at a community. As an agent we can ask the builder for a copy of the contract before we take a client to a new home build. Customer might want to do the same since they are not represented by an agent(REALTOR). Note in some case the earnest is only refundable, if their financing does not get approved. They really need to check the terms in their contract and or have their attorney review it.

Yes, the buyer can get his EM back, but it might be hard. He really should have a realtor represent him through buying process if he's still shopping around. A realtor can help take that off his plate, and he doesn't pay for the Realtor's commission.

Edith, In Texas, whether a buyer can get their full 100 earnest money back after canceling a contract with a builder without loan denial depends on the terms of the agreement they signed with KB Homes and the builder's policies. Generally, getting a full refund once a contract is in place is not a simple process, especially if the buyer willingly canceled the contract without any fault on the builder's part.If the buyer's loan has not been denied, it might be more challenging for them to cancel the contract and receive a full refund. However, there could be some exceptions based on the builder's policies and the stage of construction. Suppose the buyer is still within a contingency period (during which the contract can be canceled without penalties). In that case, they might have a better chance of getting their earnest money back.However, if the construction has progressed significantly and the builder has already incurred expenses, it is less likely that the buyer will receive a full refund. Remember that verbal assurances of a full refund may not be legally binding unless explicitly stated in the written contract.Builders often have their contracts, which may offer them more protections compared to standard agreements regulated by the Texas Real Estate Commission (TREC). It's essential for buyers to carefully review and understand the terms of the contract before signing.Regarding the role of a realtor, it's generally a good idea for buyers to work with a real estate agent, especially when navigating complex transactions like buying a new home. A good realtor can provide valuable guidance, protect the buyer's interests, and help them understand the contract and home-buying process. While it's not impossible for the buyer to get a full refund, it depends on various factors, such as the builder's policies, the construction stage, and the specific terms of the contract. Working with a realtor could have helped the buyer avoid such complexities and better protect their interests.

As a realtor I would encourage a buyer to shop around. Choosing not to use a realtor to represent you, the buyer, is not advised. I know several builders that will return the earnest money if the buyer chooses not to move forward with a sale. I am sure there is a timeframe attached to the contract. I hope this buyer has something in writing, regarding the return of his earnest money if that is important to him. Having a realtor to represent you as well as make sure you fully understand the buying process will be the best deal you can find!

Hi Edith! Yes, it IS possible! However, it is HIGHLY unlikely (at least with the more cost effective production builder types)! Far more likely that the buyer is misinformed and/or somebody lied to the buyer. My suspicion would be the salesperson lied to get the buyer under contract, but maybe the buyer heard it from a friend, read it on the internet, or was listening to some TikTok Guru hahaha! Hopefully all turns out well for the buyer!