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Real Estate
Reply to "Buyer losing an earnest money deposit - how does it work?"
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[quote=Anonymous]In practice sellers rarely will get the EMD. The escrow company cannot release the EMD to you without the buyers’ consent. The buyers, of course, will not consent and will claim they are still working in good faith to make the purchase. Resolving this via litigation will take at least six months, during which you cannot sell the house a different buyer. Most sellers are much better off getting home on the market again as quickly as possible rather than pursuing the EMD. For this reason, a financing contingency waiver is meaningless for the most part.[/quote]
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