Earnest Money Forfeiture Question - Posted by David Thompson

import · April 25, 2007, 5:46pm

Posted by river city on April 26, 2007 at 13:48:06:

Your contract should stipulate if and how the purchaser would forfeit their earnest money deposit. Be sure to read the contract carefully and follow the directions exactly as stated.

import · April 25, 2007, 5:46pm

Posted by David Thompson on April 25, 2007 at 17:46:10:

I purchased a property in Houston, TX for re-sale. I have a buyer that make an offer which I acceppted. It has been two months and we still have not closed on the property. Everytime I talk to someone (Lender, buyer, agent) they say that we will be closing in a few days. This has been going on for two months now. I feel like the buyer (a home builder) is stalling. My question is, do I have any chance of getting the earnest money that the buyer put down? We have a contract that expired a month ago and I have passed up the chance to entertain other offers and even renting out the property. Everyday that goes by I loose money on this investment property. I appreciate any advice that I receive!

Thanks,

David,
Houston, TX