What Happens if I Can't Close? Return of Earnest Money When you submit a contract, you must deposit earnest money with your agent (not First Preston), usually in an amount of $1,000. If you know your transaction will not close, your agent must notify First Preston as soon as possible so the home can be returned to the market. You may have to forfeit all or part of the earnest money if the sale does not close. If the sale is to an owner-occupant and does not close due to circumstances beyond their control, the money may be returned. Please review the earnest money policy for your area with your broker before you place a bid on a home. Extensions of time Extensions for time to close may be granted, in 15-day increments, under certain circumstances. Extensions may be granted at no cost to owner-occupants under certain circumstances that are beyond their control, such as a delay in financing approval that is not due to the buyer. Extension fees may be charged under other circumstances, and for investors. Extension requests must be submitted to the closing agent (not First Preston) in writing prior to the expiration of the original closing date, and accompanied by a non-refundable fee, in certified funds, if a fee is required. Donna R. Felker (505) 239-4660 email: Donna@RioRanchoDreamHomes.com