Question 2If(or when) the appraisal comes in lower than $400k combined(lets say $360k) and so assuming the bank will now not loan $300k at 75% LTV per the AOS, would I be able to ask the seller to lower the asking price and if they don't (and I don't want to pay up the $40k difference), could I back out of the deal without losing my 12k total deposit?

We took 3 months to find a SFH and when I was on vacation in Seville, instead of working through how to get an earnest deposit to the seller within 24 hours or the deal was over, she told me we should just walk from the deal!

Also, if there’s a renter in place the Utah real estate purchase contract explains that any deposits put down when leasing should be credited to the new buyer.

And, make sure they make 3x rent and can pay a deposit immediately.

But it also means you tied up your deposit money and put yourself in limbo for 2-3 months.

The Collateral paragraph says: All tangible and intangible personal property, including, but not limited to: (a) inventory, (b) equipment, (c) instruments, including promissory notes (d) chattel paper, including tangible chattel paper and electronic chattel paper, (e) documents, (f) letter of credit rights, (g) accounts, including health-care insurance receivables and credit card receivables, (h) deposit accounts, (i) commercial tort claims, (j) general intangibles, including payment intangibles and software and (k) as-extracted collateral as such terms may from time to time be defined in the Uniform Commercial Code.

They pay your $900 dollar rent plus the security deposit and animal fee of $900 + $200.

I am reminded of how I was never able to get back my "credit line security deposit" "facility fee" from Brookview Financial. 

if I deposit a "sizable" deposit with local banks and credit unions (any pitfall in this?

You'd be able to see deposits/withdrawals that don't make sense when matched up to a credit report.Its easy to get fake pay stubs, less easy to make everything align month after month ....