Earnest Money
We are considering putting 1,000.00 earnest money on a house.
We have asked our realty agent if this money would be refunded, if for some reason we become un-employed.
Our realtor will not give us any factual detail on this other then he says it is a black and white issue and he can't imagine why that we wouldn't be refunded for the 1,000 earnest money, if we suddenly became unemployed before closing.
We aren't satisfied with this answer, is their any way we can be sure? Could we
protect ourselves by requesting this contingency in the contract? Is their any documentation on this matter?
Maybe offer $500 earnest money, it'll make you feel better (it worked for me!). It's all negotiable. And yes, I would put something specific in the offer that addresses the concern of unemployment. My last offer paperwork has something about a "mutual release" form under the earnest Money section, I would suggest asking your realtor about it. (not positive if this will apply as this was a standard purchase offer form) Good luck!
Why not just have a financing contingency in your contract, stating that if you can't get financing, then you are off the hook? Its a stanard part of a purchase and sale agreement. That way, if you loose a job, you can't get financing, and if you can't get financing, then you get your earnest money back.
Hope this helps.
Vasiliy is correct.
Sounds like you need a different real estate agent!