The question comes up a lot, how big a real estate deposit is needed to hold the property?
The one the out of state buyers really is interested in but can not just drop everything to trot up the pike to see it in person. That is one reason we shoot, edit, upload real estate videos so there is not lacking information that makes it necessary to do the expensive travel each time something good comes up for the property buyer to consider.
Holding the property is not in the best interest of the seller of real estate.
Because someone else that is ready to buy is held off until the out of town, gotta come see it buyer gets here and decides to buy or not. With a deposit, a signed contract contingent upon personal inspection creates a stop on the marketing. Until he decides to buy or not.
He may come up and decide this is not something he will buy. Or he likes the property but not what is around it or the community where it is located. Plane tickets, paying for motels, the tolls traveling and eats on the road. They all cost money and take time out of a person's life. We get that but put anything on layaway, telling future buyers the place has a hold on it. That is not what other buyers want to hear and they don't hang around wasting precious time.
Lost opportunities to selling happen to when a previous buyer who was not ready becomes in a position to proceed with a purchase.
But is held off because someone has a first right of refusal to buy. So taking a deposit contingent on a long time getting here or a slew of contingencies is not the wise course of action. Because this buyer has loose ends, is not ready, willing and able to buy today.