Do I Get to Keep the Real Estate Earnest Money if the Buyer Backs Out?

Good question; there is no simple yes or no answer to this one. The earnest money submitted with the offer is meant to cement the deal and enable the buyer and seller to enter into a contract for the sale of the house. Most offers and contracts do state that the buyer will forfeit the earnest money if they do not perform as stipulated. In other words, if the buyer backs out, they lose their deposit. However, and it’s a big however, there are a lot of things to consider here.
Nearly all buyers suffer from “buyer’s remorse” at some point after the offer is accepted. The majority of the time this occurs in the first ten days. The important thing to remember is that, in most instances, this is a fleeting stage and in a short period of time they will get over View the rest of this article