Accepted offer is a temp contract made out between seller and buyer, usually this is a 7 day period where buyers have to finalize their financing, inspection etc. The deposit isn't paid till the end of subject removal, this is when the contract is firm. After the 7 days and the buyer decides to go through with the deal. The buyer can always walk away within the 7 day period if they put the correct subjects.
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Originally Posted by Gh0st
That makes sense! When you mention people walking out of accepted offers -how does that work? If an offer is accepted isn't a deposit of some sort required ? (What is the deposit percentage anyways) Are people forfeiting their deposits?
I am new to this so forgive my ignorance.  |