In Reply to: RE: Opinions wanted... posted by Bob Neill on March 24, 2010 at 12:46:50:
>> Hey, I changed my mind about buying a house when I found I couldn't sell
>> mine, gave the guy two months' notice (before the scheduled closing), he
>> sold the house for the asking price, and kept my $25,000 deposit.
Around my part of the world it is standard practice to have a contingency clause in a real estate agreement that returns the escrowed deposit if the buyer cannot obtain financing or fails to sell his current house.
A knowledgeable real estate broker or good attorney will make sure such language is in your purchase offer, or warn you of the implications if the seller declines to accept those contingencies.
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Follow Ups
- RE: Opinions wanted... - mls-stl 14:18:55 03/24/10 (0)