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Answers (3)
- ZZipperhead
- Contributions:69
The Seller wants you to agree that he gets to keep your earnest money if the deal doesn't close. Ordinarily, if the deal doesn't close due to no fault of yours or no violation of your contract, then the Seller would be obligated to return your earnest money. However, if you agree to let your earnest money go "hard," then if your purchase transaction falls apart and doesn't close, you won't get your earnest money back. It's the Seller's to keep.
Usually, Sellers only do this when the Buyer asks the Seller to make some sort of concession in the previously agreed-to deal. The Seller, in exchange for agreeing to make the concession, wants a show of good faith from the Buyer by having the Buyer agree to "give up" his earnest money.
I usually see this type of thing when the Buyer can't close on time, and the Buyer therefore asks the Seller to extend the closing date so the Buyer will have more time to close. In a lot of cases, the Seller will only agree to make this concession if the Buyer agrees to let the Seller keep the earnest money if the deal eventually doesn't close.
If this is your situation, then you have to decide for yourself whether the concession you're asking the Seller to give you is worth the possible loss of your earnest money if the deal doesn't close.
Usually, Sellers only do this when the Buyer asks the Seller to make some sort of concession in the previously agreed-to deal. The Seller, in exchange for agreeing to make the concession, wants a show of good faith from the Buyer by having the Buyer agree to "give up" his earnest money.
I usually see this type of thing when the Buyer can't close on time, and the Buyer therefore asks the Seller to extend the closing date so the Buyer will have more time to close. In a lot of cases, the Seller will only agree to make this concession if the Buyer agrees to let the Seller keep the earnest money if the deal eventually doesn't close.
If this is your situation, then you have to decide for yourself whether the concession you're asking the Seller to give you is worth the possible loss of your earnest money if the deal doesn't close.
- Terri Linnell, "DebtsNMesses"
- Contributions:6728
"Hard Money" means cash. Congrats!
- Heather Peck, "lvexpert"
- Contributions:148
That means they want to deposit your check.
the saler wants my ernest money to go hard.what is that? i gave them a counter check.
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