2007-12-08 08:54:29 · 8 answers · asked by AUGUSTGIRL 1 in Business & Finance ➔ Renting & Real Estate
That's my understanding.
2007-12-08 08:56:37 · answer #1 · answered by smiday1097 2 · 0⤊ 0⤋
It depends on the contract and why the buyer is backing out.
If they changed their mind, the seller is entitled to the escrow money. If there is a problem, you will have to review the terms of the contract.
2007-12-08 18:38:37 · answer #2 · answered by godged 7 · 0⤊ 0⤋
I think it depends on what the reason for backing out is. If in your signed contract it says that the appraisal value or your loan approval is not a criteria and then you back out because it appraised too low or your loan isn't going through, then they can keep the deposit or also if you just change your mind or want another house. If you're backing out because of major problems found during the inspection then you could get your money back unless again it was stipulated that you are buying as-is regardless of what the findings of the inspection are.
2007-12-08 16:58:28 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Depends on why the buyer backed out, if it was legitimate then they can get around giving up the money. Good luck
2007-12-08 17:20:48 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You're supposed to be able to keep it, but there's a lot of ways to get around it, too.
2007-12-08 16:57:07 · answer #5 · answered by I love my baby boy! 5 · 0⤊ 0⤋
Yes. Your contract stipulates how this works. Read it.
2007-12-08 16:57:36 · answer #6 · answered by Dan H 7 · 0⤊ 0⤋
Yes, that is the purpose of it
2007-12-08 17:02:08 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Yup, that's what it's for.
2007-12-08 16:57:16 · answer #8 · answered by Ricky J. 6 · 0⤊ 0⤋