A good faith deposit is nothing more than an amount of money that indicates our seriousness in buying the property/house. It's the step after the reserving the lot.
I researched it a bit and it differs in amounts based on a number of factors, including but not limited to location, builder, and amount of loan estimate. Typically the amount of your good faith deposit will roll into your down payment, closing costs, or fees. Fortunately, in most cases, if the deal falls through or the contract is cancelled and as long as the parties are all acting in good faith the money will be refunded.
I've read several blogs and I haven't come across any in which the good faith wasn't refunded or even the original check returned. What I found a little humorous even is that some of those people even went back to Ryan Homes and resigned for either another neighborhood or even the same lot!
I think I've found a new best friend in our SR. She's been great with explaining what these new financial words and phrases mean... but this hasn't stopped me from searching out a "financial dictionary" I'm OCD like that. I'm a sponge and I want to know more and more about everything. I've called her quite a few times with questions concerning the expectations of our good faith deposit and the payment plan of it.
Good faith deposits are on the up and up and it protects the parties involved in this process. I understand it's not only for our sake but that of Ryan Homes. If we decide to purchase this home we'll have to have partial payment of the good faith deposit on Tuesday. We have a meeting with the SR then to either proceed or withdraw from this process. It looks like we may be moving forward. We like the neighborhood. We like the home we've selected (although it wasn't the one we initially decided we liked more last year) and my children seem to like it and have already selected their bedrooms.
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