What Happens When a Buyer Doesn't Close

The real estate market has changed over the past year, and when things start to shift, it's possible that a buyer may not close on a property. So, what happens when a buyer does not close on a property? The seller does not automatically get the buyer's deposit back. In most cases, the seller must go through a legal process to obtain the deposit back from the seller's trust account. Sometimes, the deposit amount is not sufficient enough to justify going through the entire legal process.However, there are certain scenarios where it may be worthwhile to pursue legal action. If the deposit is a large sum, it's worth the time and effort to bring the buyer to court. Additionally, if the market has dropped since the buyer initially purchased the property, the seller may be able to sue for the difference between the purchase price then and the current market value.In these two cases, the seller may decide to pursue legal action to force the buyer to repay the deposit or face legal consequences. I hope you found this information useful. Take care.