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Can I Keep The Buyer’s Deposit If They Cancel The Deal?

This question always seems to come up from a seller when the buyer decides to back out of a real estate transaction or purchase. The answer to the question, as with a lot of real estate related questions, is "it all depends."  Take a look below for my answer. [viddler id=ae8a8b4&w=437&h=368] Like the video above?  Check out some of my other video posts. Related Articles Let's Be Earnest When Talking About A Good Faith Deposit … [Read more...]

Let’s Be Earnest When Talking About A Good Faith Deposit

One of the most overlooked items on the purchase contract is the earnest money or good faith deposit. Sellers and agents are so anxious to see what the offer price is, they miss a key component of the offer. What is a earnest money deposit? There is a good definition & article on the same subject here by Elizabeth Weintraub. My definition would be anything of value, mainly money, put forward by the buyer to show good faith to the seller that they are genuinely interested in buying the property. The deposit, … [Read more...]