Updated almost 11 years ago on .
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Earnest Money Problems
We are currently working with a seller in Missouri on buying their mobile home park. We have decided to pass on the deal for a number of reasons, however we are currently having a dispute over who is entitled to the earnest money deposit. The conract clearly states that the money is to be returned to us. I was wondering what our next steps are to move forward with the retrieving our earnest money. Thanks guys, any help is really appreciated.
Ryan
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#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
Was the earnest money deposit placed with a title company or other 3rd party, I hope? Was there a specific reason for the back-out? Was it just during your due diligence period? Inspection or financing contingency? Please provide a little more info in these regards @Ryan Wanner and I or others may be able to help more. Thanks!