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by Raynor James
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yer who can’t close will lose the deposit. Typically, the only exception to this is when the seller allows language indicating the deposit will be returned if the buyer can’t get a home loan. Of course, including such language can open the seller up to repeated frustration when bad credit buyers repeatedly fail to get funding.
Good faith deposits are a fundamental part of a real estate transaction. Buyers should expect to pay them and sellers should demand them.
About the author:
Raynor James is with http://www.fsboamerica.org- an online listing site for real estate. Sellers list your home for sale for free for one month. Home buyers get total access for free.
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