Guess it depends upon where you live. I live in San Diego. There are bidding wars for the few properties that hit the market.
I think in most cases, the seller would happily take your deposit, re-list, and go into escrow with a higher offer, and your lost deposit as a bonus. I would.
You, on the other hand, would no longer have a property, would spend months competing for the opportunity to purchase another house, would pay more, and – oh yeah, your good faith deposit would be gone.
Just bought a rental a few months ago. It took time to buy this one. We lost out so many times to all-cash buyers.
