I have the mortgage contingency and the inspection contingency.Here earnest money isn't really a percentage, but usually anywhere from $1000-5000 (probably more on million+ properties). Our last purchase was $5000. If you look at it from the seller's standpoint, a higher earnest money deposit means a more serious buyer. People do walk away from contracts and forego the deposit, but it's easier to do with a smaller deposit. Here selling "as is" doesn't excuse the seller from disclosing all known defects, but may mean that they won't be willing to negotiate much on repairs. What kind of contingencies did you put in your accepted offer?
I just walked away from another house 3 weeks ago and now Weichert, not the buyer, is keeping the deposit. I want to apply the deposit to this house but weichert isn't letting me. That deposit was much smaller, only $1000.
The agent wrote the contract, he put in the 10%. I guess they are trying to make it difficult for me to walk away this second time. The buyers already saw the amount so they don't want to change it to 5% now. I get that. I agree with I don't have the right people by my side.
Thank you all for your responses.
curlyprincess1 likes this.