When a buyer makes an offer they typically make an earnest money deposit to demonstrate that they are serious and these funds are held in an escrow account until closing when making an offer, it’s in the buyers.
Ways a Buyer Can Lose Their Earnest Money
Best interest to include basic contingencies to protect themselves financing and home inspection. Contingencies are the most common if these contingencies can’t be met and in most cases, the buyer’s earnest money is returned. However, there are certain circumstances where a buyer’s earnest money could be forfeited to the seller. For example, if the buyer waves, the contingencies but the transaction doesn’t close. If the buyer ignores the deadline stated in the contract and the seller refuses to give them an extension or if the buyer simply decides, they no longer want to buy the property.
In addition to the buyer losing their earnest money. Most real estate contracts also provide provisions that allow the seller to sue the buyer for breach of contract. If the buyer backs out for the reasons we just mentioned.
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One of the reasons to call the Agardi Team if you want to buy a home or have one to sell is:
Not only do we sell our clients’ homes for more money and faster than the average area agent, but your home is also more likely to sell. According to 2015 MLS statistics, only 71% of area homes sold during their listing term. Compare that to our 95% of homes listed that sold before the end of the listing term. YOUR HOME SOLD GUARANTEED OR WE’LL BUY IT*
To discuss the sale of your home, call The Agardi Team at 718-755-2882 and start packing!
*Agardi Team and the seller have to agree on the price and the closing date.