I just received an offer on a property I am selling that is located at the beach (ie it is not a $50,000 fixer upper :)) . The buyers refuse to put more than $1,000 down. The other terms we have worked out are agreeable, not great, but in this market, reasonable.
The buyer's agent said these buyers have never had to put more than $1,000 down, that is why they are sticking to it.
The sales contract does not have a clause that the deposit is all I am entitled to as liquidated damages if they default. So legally, I guess they could be held liable for breaching.
I don't want to lose other buyers while this house sits under contract if these poeple are not serious. How would you handle this? This property has been on the market for a while. I believe many Realtors do not show a property when they see in the MLS it is "pending".
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