I would say that if the earnest money is not deposited as stated in the contract and agreed upon then the buyer becomes in Default. At this point the seller can cancel the contract if they want to. If the home owner wants to continue with the buyers they can and most likely will ask for the earnest money to be deposited, who knows maybe the buyers forgot or were first time home buyers whos agent was not keeping them properly informed. At this point their agent or attorney can create an addendum putting in an extension to deposit the money to keep the deal together. I hope that helps!
As many who have replied prior to my response have said, if the Earnest Money , also known as consideration, has not been deposited then the contract is not not a ratified contract and is therefore not binding on either party. You are therefore able to accept other offers on your property.
Have a fantastic week and good luck in the sale of your home!
Cheryll Woods-Flowers, Coldwell Banker United
I hope you're working with an experienced buyer broker, and if you are you should be speaking with them. If you don't want to buy the property or are having second thoughts, do the right thing and inform the seller and/or your agent. If you don't have an agent check out the link below on how to find a great agent regardless of where you're located.
Jim Bobo, Jr. Accredited Buyer Representative, Resort and Second Property Specialist
Call or text (843) 442-7275
SC Land and Homes LLC
PO Box 1182
Johns Island, SC 29457-1182