Agent

Sellers object to paying $500 security deposit

Buyers want to ensure no damage upon move-in, but are hush-hush on refund
Published on May 19, 2008

DEAR BENNY: I am a seller with a $620,000 home in Oregon. As part of the inspection addendum, the buyers are demanding that we put down a $500 security deposit with the title company, refundable if there is no damage to the home between now and move out. Our home is in superb condition. I assume that the refund of our money would be based on the buyers' subjective opinion, since they included no specifics of how they would determine if we would receive the money back. (They also have asked for every single nit-picky item that the inspector found to be remedied.) What are the pitfalls of agreeing to put down this deposit and how do we protect ourselves? --Shelly DEAR SHELLY: I suspect that you will never get any of the $500 back. So here's my suggestion: Just agree to give them $500 when you go to closing, on the condition that they agree to take the house on an "as is" basis -- as of the date of the home inspection. Don't waste time with the escrow; you will be h...

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