Basically what that means is if you are second place, the first place lien (in this case a mortgage) is going to get it's money first in the case that you can't perform your obligation (make your payments).A fail fast and cheap idea for you would be to try calling a loan officer at a bank and asking the same question.

If you don't exercise the termination point in the financing contingency, and no other termination points apply in your situation, then you do in fact lose the earnest money if you fail to close.

I would say most fail because they are never given the proper attention before formation.  

I know I can earn my weight if I'm given a chance.

@Joshua Woolls There are two ways to test your knowledge:1) Your research2) Your checkbook.If you fail to do the first thoroughly, you will surely have an opportunity to do the second.

Start from the bottom because the faster you try and jump into it the faster you will fail.IF YOU FAIL TO PLAN, YOU PLAN TO FAIL.'

I found BiggerPockets after taking a leap away from job security and failing in my first and latest business venture (though it's going much better now).

So the metrics (for some of us) were defaults on a neighborhood basis, number of initial loan values in excess of early default "closing" (courthouse sale) valuation, and a 'foreclosure weight' that was a ratio of forced sales to arms-length sales over time. 

Hi Josh - Contact me and I can get you started, everything from finding off market lots to finding money.Jac- I just don't want to see you fail!

Being an agent is not an easy business. 50% fail, 40% barely floating, remaining 10% is taking most of the market shares.