If a house is "on deposit" does that mean it's a done deal?

Question

At that point does the buyer pretty much have the mortgage in hand? This is a foreclosed house in the hands of propert management company. The house was drastically reduced too. I thought when that happens it's auctioned?

Answer 1

You are correct.  Someone has put a deposit on house but sale is not definite.  Failure to obtain mortgage, appraisal to low or house fails inspection  could cause sale to be void.  If you are really interested make an offer.

Answer 2

You will need to ask the management company what they mean by "on deposit".  I have been in residential real estate for thirty years and I have not used that term.

I bet it means they have accepted a contract, but I am not sure.