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What Happens To The Earnest Money If A Buyer Decides At A Later Date Not To Buy The Property?

April 26, 2017buy buyer decides earnest happens later money Property

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What Happens To The Earnest Money If A Buyer Decides At A Later Date Not To Buy The Property?

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A. Many of the same things happen in an auction situation as in any other real estate transaction. The earnest money deposit is forfeited if the higher bidder is unable to consummate the sale regardless of the reason. If the seller fails to close because of defective title, etc., the buyer’s deposited will be refunded.