Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 6 years ago,

User Stats

2,639
Posts
1,782
Votes
Brian Pulaski
  • Flipper/Rehabber
  • Montgomery, NY
1,782
Votes |
2,639
Posts

Keeping EMD, Your Opinions!

Brian Pulaski
  • Flipper/Rehabber
  • Montgomery, NY
Posted

Without boring everyone with the story, I'll keep it brief.

I had a house that went under contract mid June (never listed it on the market). All inspections/appraisals took place. Come mid July (original closing date), it was found the title company had not pulled a municipal search (this takes 30 days). Come end of Aug the search came back good, buyers mortgage was all approved, appraisal was good, inspection was good, everything was in place. The phone call this morning, which should have been to schedule my closing, informed me the buyer was relocating to FL, and backing out of the deal...

Yes I have read the contract. Yes I have spoken to my attorney and once we receive the formal cancellation plan to revisit. Yes real estate is state to state and even town to town... however, what do you think my chances of being able to keep the EMD in this situation?

REI is business and emotions are best left out, but man it is hard to just laugh it off when a couple hundred thousand dollars is sitting in a house, that we missed the spring market and now have to list and go through the process again 2.5 months later! The famous saying I guess... "it is what it is".

Loading replies...