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Updated about 6 years ago on . Most recent reply

Account Closed
  • Greenville, OH
1
Votes |
51
Posts

Bank wants addendum to remove earnest money language

Account Closed
  • Greenville, OH
Posted

This is my first FSBO sale. I had the seller give me a check for his earnest money and the contract says I would hold it until closing. Other language basically says he won't lose the deposit unless he backs out at the last minute.

His bank now wants me to amend the contract saying the check will be returned to the buyer and to "please omit the earnest money completely from the contract". 

I'm not comfortable with their language on the addendum.

Any recommendations at this point?

Most Popular Reply

User Stats

5,451
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13,750
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Jim K.#3 Investor Mindset Contributor
  • Handyman
  • Pittsburgh, PA
13,750
Votes |
5,451
Posts
Jim K.#3 Investor Mindset Contributor
  • Handyman
  • Pittsburgh, PA
Replied

@Account Closed, How to Sell Your Home. Good luck to you.

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