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Updated almost 8 years ago,
Would you refund a deposit to save a deal?
Hello!
I'd like some input on a situation: Had a closing scheduled today for a property I'm wholesaling. After my cash buyer received the closing documents he made mention that the closing cost were higher than he expected. He then asks what will happen with his deposit he gave. I advised him I only cash out the deposit once the deal closes or buyer defaults. So I'll be out of an additional $500 he says!
This isn't my first deal, but our first time working together. But bc this closing has taken longer than normal due to title issues. And I wanted the deal done for the seller's sake. So instead I'm now making $500 less to "keep the peace".
What say you? Did I do the right thing business wise? Has this ever happened to you? Should I never sale to him again? (PS we have another deal we are currently working on together 😐)
Numbers:
Buyers offer: $21,500
Survey *Buyers request* $433
Amount due at closing: $22,803.93 (This amount includes Taxes, closing cost, survey, and my fee minus the deposit already given)