Non-refundable earnest money deposit

[Brian Holt]

Can someone please convince me to pay a $5000 non-refundable earnest money deposit? The deals that require this is mediocre at best.

[Ned Carey]

@Brian Holt it is an excellent subject for discussion. You follow up post was more clear.

No one should be putting down that kind of deposit or any non refundable deposit if they are not 100% clear it is a good deal. Newbies beware! 

If you are a solid buyer, a seller should not mind a very short contingency period. I would be willing to put down an extra large deposit to demonstrate I was a serious buyer, if it meant I could get a 5 day contingency period.

If you are taking nonrefundable large deposits of properties for the sole purpose of collecting defaulting deposits, YOU ARE SCUM. This kind of unethical action hurts us all.