location: New York
basically, our offer was accepted. while going through the contract with our lawyer, it came up that’s we’d lose the deposit due upon signing (50k) entirely if we signed the contract and our mortgage is approved and then later denied due to job loss or any other reason.
we don’t really think there’s a huge chance it could happen, but his job has laid off/fired 4 people recently (he doesn’t really have all the details, but he believes there was some misconduct, however they were never replaced so that points to a lay off maybe?)
he‘s one of the most trustworthy/desired workers, and management, but he still thinks there’s a small chance, because there’s talk of closing one of the three warehouses in the company, and he works at the smaller one.
it sucks cause it’s all just a what if. it could all be completely fine and we don’t sign the contract and lose this house because of a what if. but if we do we lose 50k. I guess my question is, how often to sellers ACTUALLY keep the whole deposit if something like this happens? isn’t it a massive problem for them if we have to sue them for it? aren’t they more likely to just cut their losses and put the house back on market and not deal with a lawsuit?
I feel like my lawyer has to just say worst case scenario to protect herself, but idk. just looking for a second opinion.