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Re: Full of Envy
I'm in the banking business. Ernest money is usually only refunded if loan funding falls through or certain contingencies aren't meant.
Yes, usually ernest money is non-refundable otherwise. It's then considered a fee for the brokers/loan persons time and possible loss of a sale. For example, you put money down on something, somebody came by the next day was going to buy it but the dealer said he can't sell it because there is money down. Then you back out or can't get financing. He loses a possible sale because that 2nd person that was gonna buy it never comes back. Typically it's around $500. Some places might accept less.
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