Ameripact Earnest Money Protection
When a prospective home buyer has purchased the Ameripact DDP reports, Ameripact will protect the earnest money lost by the buyer in case of the loan being denied by a lender solely due to lender’s appraisal coming in below the Ameripact appraised value and the contracted purchase price.
Further, if a prospective homebuyer has obtained Ameripact Certified Pre-approval from an Ameripact Certified Lender before making the offer, then Ameripact also protects the earnest money in case their financing is declined. The following conditions must be met in order to be eligible for earnest money protection against Ameripact Certified Pre-approval.
1. Lender’s appraised value must be at or above the contracted purchase price.
2. The data provided in the loan application at the time of Ameripact Certified Pre-approval must be valid through the closing date.
3. At the time of any claim, the borrower must provide permission to Ameripact to review borrower’s complete loan application and the entire loan file, including any correspondence with the lender.
Ameripact Earnest Money Protection is limited to actual earnest money lost by the prospective homebuyer or $10,000, whichever is lower.
Ameripact Earnest Money Protection does not apply in situations where:
1. The seller is obligated to return the buyer’s earnest money.
2. The transaction closes within 180 days of mutually accepted purchase sale contract.