Home Ownership As an Investment
If I walk away from the deal before closing on a house, won’t I be penalized?
Probably. Another offer may come in that has no such terms, perhaps at an amount equal to your bid. Naturally, the seller will choose the better deal. You could also lose a portion of your “earnest money” deposit, which you have given to initiate the transaction. Check with your bank or mortgage adviser to discover its practice, and at what point you can walk away from the deal without losing any money.