Wholesaler marketed the property too early

Buying & Selling Real Estate
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Wholesaler marketed the property too early

Wesley Frye
New to Real Estate · Member since 2019 · 16 posts · 3 votes

In September, I found a property I was interested in acquiring online. I put down a 5K EMD and signed a contract with a wholesaler to close in October. Three weeks before the closing date, the wholesaler notified me that the house was going through probate and that we could not close until the first week of December. If the property can't close in December, what steps must I take to get my EMD back from the title company?

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  • Dakota KingPro Member
    Rental Property Investor · Fort Lauderdale, FL · Member since 2017 · 8 posts · 1 vote
    1y

    Can you extend the DD period? That would be one way to keep your money protected 

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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    1y

    @Wesley Frye

    What’s the expiration date of the contract? If it expires and you don’t close because of wholesaler you get it back

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  • Wesley Frye
    OP
    New to Real Estate · Member since 2019 · 16 posts · 3 votes
    1y
    Quote from @Chris Seveney:

    @Wesley Frye

    What’s the expiration date of the contract? If it expires and you don’t close because of wholesaler, you get it back

    Thanks for the response. The contract expired on October 27th. I was sent an addendum to extend the closing date but did not sign it. 


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