Savings and Investments

Investing in Real Estate

If I pull out of the deal before the close, won’t I be penalized?

Most likely, yes. Another offer may come in that has no such terms, perhaps at an equal amount to your bid. The seller will of course choose the best deal of the two. You could also lose a portion of your deposit, which you must give to initiate the whole transaction. Check with your bank or mortgage adviser to find out exactly what their practice is, and at what point you can pull out of the deal without losing money.


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