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Updated over 5 years ago on . Most recent reply
Getting out of a Cash Offer
Hey guys,
I recently made a cash offer on a property that was accepted through an LLC.
I have to pull my offer for personal reasons. I have not given any earnest money.
The realtor got upset when she learned I was pulling my offer and said that the LLC can be sued and that the earnest money has to be sent.
Do I have xasuse for concern?
The purchase price is 33k with 2k of earnest money I have not yet sent.
Thanks!
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#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
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#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
@Dan Kistler @Rob Malda That is a common misconception. The promise to pay the Purchase Price is the consideration in a real estate contract, not the EM.
Having said that, the buyer has no risk here....there are no damages this early in the process and the owner has no reason to pursue.