We accepted a lovely offer on a listing of mine.
We had a little bit of back and forth, and settled on terms that were good for us, and we presume good for the buyer, too.
They conducted their inspection.. and we received their attorney/inspection letter (in our area we use attorneys for 99% of our transactions)... and as part of the a/i negotiations... they rescinded about 2/3s of the earnest monies they had offered.
In our area, it's common to get $1,000 upfront, with the balance of earnest money to be delivered after the a/i period is concluded.
What was their logic in withdrawing over $20,000 worth of earnest money? The buyer didn't understand what he was signing. Uh.... aren't those his initials next to the e.m., and his signature at the end? Didn't he review the offer?? Hmmmm?
Yeah... I was just kiddin'.