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Updated over 6 years ago,

User Stats

447
Posts
62
Votes
Dustin Rose
  • Investor
  • El Dorado Hills, CA
62
Votes |
447
Posts

Florida Non refundable earnest money from wholesaler

Dustin Rose
  • Investor
  • El Dorado Hills, CA
Posted

Hi all-  I'm in contract on a property in Ocala FL from a wholesaler. I put down a earnest money deposit of $4,000.

After I put down the deposit I found out the home had a prior sinkhole and in talking with local brokers the ARV will be severely affected even though the problem was fixed with underpinning. The wholesaler has said they can't give me my deposit back unless they sell the home to someone else because they have $4,000 of their own earnest money that they will lose on the property of it's not sold. So far they've been unable to sell the property and have lowered the price $10,000. Is there anything I can do to try and get my deposit back or at least lodge a complaint for not disclosing the prior sinkhole before I sent in my deposit? The selling company is a licensed brokerage.

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