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Real Estate
Reply to "Making Earnest Money Deposit Stick (and Mean Something)"
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[quote=Anonymous]I got to keep EMD when it fell through the day before closing. One of the buyers had given notice at her job about a week prior, to quit the week after closing. They could have gotten out during inspection period, couldn't have kept it. They could have gotten out when the house came in low on the appraisal about 10 days before closing (we met in the middle at their request). They could have gotten out by quitting their job before they'd been approved for the loan. By the day before, all the contingencies had been cleared including the loan contingency. The house and they qualified, until they took a specific action that derailed the sale. We got their money without a fight. But -- my realtor said in 10 years, this was the first time she had seen a seller get to keep EMD. There are just so many outs for buyers, they definitely have the upper hand. It's rare for someone to do something so egregious and obvious that they were in breach. [/quote]
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