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Updated almost 5 years ago,

User Stats

79
Posts
39
Votes
Lee Lockhart
  • Chicago, IL
39
Votes |
79
Posts

Wholesaler stopped communicating with earnest money deposit

Lee Lockhart
  • Chicago, IL
Posted
Hi Biggerpockets, “What remedies to expect/use on wholesalers that keep the ‘good faith escrow’ and don’t return it?” “What are some of the punishments dealt to the wholesaler  e.g. were they imprisoned or fined, forced to pay all plaintiff attorney’s costs, enjoined/lost ability to enter into mortgages, sell real estate, or dealing in finance deals?” We have a signed contract that the wholesaler don't want to move forward with because he discovered he can't double close and have to pay closing costs on two transactions, which eats into his profit. He has stopped contact. Thanks for your answers. Lee

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