Earnest money deposit default
In some highly competitive markets, buyers are making even larger deposits in an effort to stand out. An earnest money deposit tells a seller you are serious about closing. It remains in an escrow account or with the title company until the sale closes.
And, if everything goes off without a hitch, that earnest money is put toward your down payment and closing costs. But it also comes with serious risks. The inspection contingency allows you to renegotiate the price or demand repairs if serious defects are found during the inspection. As for the mortgage-financing contingency, waiving it may be the only way to compete with all-cash buyers. The earnest money deposit serves a protection for the sellers when they take their home off the market.
To avoid both, really make sure the home you're bidding on is " the one. For the best experience, please enable cookies when using our site. Go to your professional dashboard. International Properties in over 70 countries in 10 languages. Find office, industrial, retail and other commercial property. Find assisted living, nursing homes, and senior communities.
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Earnest money not deposited, is buyer in default? | Zillow
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