Who is your listing agent? If you don't have one then you must comply with State of Texas statues in order sale any home.

All is governed by the terms and conditions of executed sales agreement between buyer and seller.

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
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Lynn911

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Cash sales are similar to sales with financing in that you want the buyer to be committed to the closing. Earnest money is one method to penalize the buyer if he chooses without reason to back out of the transaction. There may be legitimate reasons for him to back out, though.

If something happens to the property before closing, if a defect is discovered in the property that was not disclosed by the seller, and if title cannot be cleared for the buyer are all examples of valid reasons for the buyer to walk. There are others.

Before executing the contract it is a good idea to have some evidence that the buyer can get the money to close. In a financed purchase, a letter from a lender saying they are qualified or approved for the loan will usually do the job. In a cash purchase, a letter from his bank or other proof of funds will usually do the job, too. If you have already executed the contract, you can ask for proof of funds, but you're at a disadvantage to insist -- you may just have to wait and see.

Good Morning,

A lot of seller asking this questions if the buyers back out do the loss the
deposit? It depends in the contract they have a contingency removal with
in certains days let say (10) days within that period. If they do not remove the
contingency within that period meaning the are not serious buyers but if
the removed they will go for that transaction.

Hi Jodi,

By accepted the offer I'm assuming perhaps that you verbally accepted it. Did you work out terms like who will pay for a survey if they deem one necessary and if there is a home protection plan that conveys with the property? Earnest money is part of that whole negotiation process. Typically earnest money is paid to the title company in Texas and then a credit is given to the buyers for the earnest money they have already put forward. Typically there is also a 7-10 day option period built into the contract in which they can get their earnest money back and have the right to back out of the contract until that time is through.

You should consult an attorney if these things haven't been worked out and you want to ensure that you are protected both from them backing out after the option period and from any possible issues in the future.

good luck!

One way to assure the buyer will close is to get a sufficient deposit or earnest money. It is not a guarantee but few people like to walk away if they are already financially invested. I ask for 10%.

Jodi .. After accepting the offer is the wrong time to be asking questions like this. I would suggest you take your contract to a real estate attorney and ask them to explain the parts that apply to your concerns.

Bruce
Cell 214-213-6382