Hi guys, the kind of market we are in at present, where the home prices have come down dramatically in past few weeks, there’s often a false belief that the buyers can walk away from their purchase by forfeiting their deposit. Let me tell you, that’s far from true. Reasons for a buyer wanting to do this could include they feel they overpaid, or now when trying to sell their own home, they can’t get the expected price to cover the mortgage for their purchase. Ramifications for a buyer not closing can include legal action by the seller to cover any and all expenses for selling their home again, and also to cover the difference from the sale price from now to when they sold before. These expenses will most likely be more than just the deposit. As a buyer, if you find yourself in such a predicament, my suggestion is please seek legal advice, before making any rash decisions. You take care, and talk soon.