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 - Identifying Tractor Smells - by Curtis Von Fange. We are continuing our series on learning to talk the language of our tractor. Since we can’t actually talk to our tractors, though some of the older sect of farmers might disagree, we use our five physical senses to observe and construe what our iron age friends are trying to tell us. We have already talked about some of the colors the unit might leave as clues to its well-being. Now we are going to use our noses to diagnose particular smells. ELECTRICAL SMELLS
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