Reply to Buyer losing an earnest money deposit

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Reply to "Buyer losing an earnest money deposit - how does it work?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]A few things to consider:  is this your first time selling a house?

you will undoubtedly go to settlement with this buyer before the next buyer who goes under contract, who may also have issues and need an addendum.

The buyer still wants to buy the house, why are you so inpatient? I’m sure the buyer also wants this to be over.

If you terminate the contract because you won’t sign an addendum and the buyer presents you with one, is operating in good faith, and is working as quickly as possible to resolve lender issues, I doubt this qualifies to entitle you to the earnest money deposit.  And frankly, it shouldn’t.  You’re being a PITA. [/quote]

+1. You don't get to keep the earnest money because of delays. Don't let your greed cut off your nose despite your face.[/quote]

What? The EMD is so that the seller knows a buyer isn't wasting the seller's time. A delay is one thing. Multiple delays because the buyer can't get their shit together (while the seller still pays taxes, insurance, homeowner fees, etc) is being a PITA. If you're not ready to buy, then that's fine. Don't waste a seller's time. [/quote]

A dispute over EMD with the buyer can tie you up in court for months and cause a longer delay.  This is fine if you didn’t really need or want to sell and there is no harm in waiting for it to resolve. You might win and get to keep the money. But, if you actually want or need to sell your house, return the EMD and move on to the next buyer right away.  [/quote]

Eh. I doubt a buyer that knows they clearly breached the contract is going to put up much of a fight for the EMD. “Give the EMD back” sounds like realtor bullsh*t. [/quote]

If the problem is the loan, it’s not likely that the buyer is holding things up. Under those circumstances I’d think the buyer would fight not to lose the earnest money. But OP will see. [/quote]

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