Earnest Money Forfeiture Question - Posted by David Thompson

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.

Earnest Money Forfeiture Question - Posted by David Thompson

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