What happens if I don't pay the earnest money on time. For example:- if the offer says 2 days but I take 3 days to pay it?
Amend the agreement to get another day. Not a big deal with rates at the level they are now.
The contract is void, seller can legally walk away if they want. They don’t have to, if it was some honest mistake and you just need an extra day or two, it probably won’t be an issue. No one wants a house to go contingent then come back on the market.
Probably in this market nothing happens. Technically the seller can walk back if they want too, but why they should do that (unless they got a better offer since then or they changed their mind about selling altogether or think they can sell at a higher price).
By definition, earnest money is the penalty you pay to the seller for not getting sued for specific performance aka defaulting on the contract. When you don't pay earnest money, the seller has rights to sue you for damages. My advice: don't take it too casually and talk to your realtor.
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Contract is void. And seller keeps your earnest money. Talk to your agent if you'll be late.