Using a standard contract; you agree to buy a place and put down a deposit to show you are sincere. This is called earnest money. The title company or real estate broker holds the money. This money is used to pay your closing cost or returned to the buyer at the time of the sale.
If the buyer backs out of the sale a small cancellation fee is taken out of the deposit and given to the seller. All remaining is given to either the buyer or seller by the terms of the contract. Usually if you just change your mind the seller gets the money; but if the buyer finds something wrong with the house; or is not approved for the final loan; the buyer usually gets all the deposit back. And being pre-approved for a loan does not guarantee you will get the final loan.
So all this guy had to do was put down a deposit making the seller think it is sold. Then present a paper from the bank that he could not get the loan; and he gets all his money back; minus a small cancellation fee.
The original post says he offered more than the house was worth. That is reason enough for the bank to turn down the loan.
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Today's Featured Article - Show Coverage: The Old Gold National Antique Tractor Show - by Cindy Ladage. Over the fourth of July weekend, the Illinois State Fairgrounds in Springfield, Illinois, was the site of the Old Gold National Antique Tractor Show. Tractors of all makes and models were displayed and separted into categories by their age. Deere, Oliver and even a Wards and Keck Gonerman were part of the crowd. A sea of red International Harvester's seemed to be the the model with the biggest showing. The crowd was decent for the scorching July heat. The opening day started o
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