Need advice on how to get earnest money back

[Dan Holtz]

Hey, love the bp family, and first time posting here i hope i can get some advice.

so long story short, I had a contract fall through on a triplex due to the mortgage being denied (I tried to purchase it as a primary residence and the seller won't vacate any of the tenants so I couldn't continue with the purchase).

Now the seller is fighting me on the earnest money, we are past the financing contingency date (30 days) but its due to the seller not vacating a tenant as we verbally agreed on (his tenants are on short-term leases) not due to my finances.

I will probably consult on attorney on this one but was wondering if anyone has some advice or has been in a similar situation until then 

P.s im in jacksonville FL area.

thanks!

Dan

[E. C. "Stony" Stonebraker]

Dan, your first thought, consulting an attorney, is the right approach.  An attorney will tell you the best course of action. It's always best to have professionals as part of your team for advice and guidance, especially early in your investing career.

If you didn't have your LOI with terms in writing, it may be tough to get the EMD back. Of course, you can sue, but that will cost attorney's fees, etc.

We always submit LOIs in writing with all contingencies and you should take the opportunity to do the same.  Hopefully someone else who has been in this situation has better suggestions than I do.

Good luck, Dan!