Thread: earnest money

This is really big opportunity for those who wants to buy new house for personal use and for professional.

Originally Posted by tlcthompson

Here is the my current scenario: Accepted an offer from a buyer with contingency on them getting financing and selling there house (contract already on their house). Buyer is now relocating and moving out of town and backing out of the deal. They claim that since they are moving they won't qualify for financing. They were already pre approved at signing of contract. They are moving due to work and it is voluntary relocation. I feel like their qualification on financing depends on earnings not location. Can anyone advise if I should be able to keep the earnest money?

Thanks

It depends on the stipulations in the purchase agreement. Look over your contract. If you have successfully met all the criteria then you may be able to keep the "Consideration" payment. If you're not sure then I suggest seeing an attorney.

In most cases it's pretty difficult to keep the earnest money when the buyer backs out of a deal. Most real estate contracts are written with numerous "outs" for the buyer. Typically a loan approval is based on no changes to the borrowers employement. In this case, there is a change so the buyers pre-apprvoal is likely no longer valid. The buyer doesn't need to give a reason for why their employment has changed, it simply has which results in them no longer qualifying for the purchase. Think about it from a lenders standpoint. Would you give someone a loan to purchase a house in Minnesota if the borrower lives and is employed in Missouri? I think it would be considered a second home loan which has higher lending standards. Just my thoughts...

Earnest is a serious mental state of intent - a proposal made in earnest will more likely be received favorably. The seriousness of the intent (when persisted will generally) result in actions to be of considerable or impressive degree or amount. For example one observing earnestness might say, "the woman was earnest in her vigilance of completing her objective, this earnest intent has served her well."

Earnest Money also known as a good faith deposit is paid the fee when the contract is signed. In general, deposit to be raised in real estate transactions, although it could potentially be used in other contracts for the purchase as well.

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Very interesting thread you posted. You already got many suggestions and answer. Thanks for providing the valuable information.

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