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If the buyer changes their mind for any reason within 14 days, Conner Homes refunds the earnest money and cancels the transaction.

“With new construction, you usually only have 15 to 30 days, depending on the contract, to get your earnest money back,” Rueth says.

Some contracts will provide that the buyer loses his earnest money or down payment if the buyer fails to close on the purchase of a home.

Home buyers face pressures to waive financing protections and put forward as much cash as they can in their down payment and as part of a deposit known as earnest money.

Once the contingency period expires, the seller might technically be able to keep the earnest money, depending on the language in the contract.