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It's a few days until closing and the buyer's agent tells me that there was a "mistake" with the lender and the lender now requires the buyer to put $10k-15k more down for the loan. The agent wants the sellers (me) to reduce this amount by 10k so they will be able to successfully close the transaction. During the 17 day contingency period the status of the buyers' loan did not look great. The sellers issued a NBP on day 17 and buyers removed all contingencies during the 11th hour. Now, they are looking to cancel and I'm wondering who is entitled to the deposit? I thought for certain the sellers would, but after reading a few articles it looks like the buyers can request it back (minus any actual costs to seller). If this is true, then why even bother with the deposits and the contingency period. I'm confused. My broker says most people refund some or all the deposit just so the property doesn't get tied up. I did have a backup offer but not sure at this point since a few weeks have elapsed. Anyone have experience with this? TIA!
I'm just wondering you don't trust the advice of your broker?
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