Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 3 years ago on . Most recent reply

User Stats

7
Posts
3
Votes
Ryan Barber
3
Votes |
7
Posts

Earnest Money issues

Ryan Barber
Posted

So recently I purchased a home to flip and for the most part everything went fairly smooth. We originally posted the home for sale on 10/15/21 and had an offer for full price the first day. The buyer agreed to pay full price putting down $100k and financing the rest and they are paying closing costs with $2,000 earnest money. Seemed good so we accepted. I have a signed contract and now we start to move toward getting inspections scheduled but my realtor still hadn't seen the earnest money being deposited. The buyer has five business days to deposit per our contract. On 10/20/21 I get a call from my agent saying that the buyer has ghosted their realtor & broker and they never received the earnest money. Do I have any recourse to go after our $2,000 earnest money per our contract?  Any help would be appreciated. 

Thanks in advance!

Ryan Barber

Most Popular Reply

User Stats

7
Posts
3
Votes
Ryan Barber
3
Votes |
7
Posts
Ryan Barber
Replied

@Kevin Sobilo Honestly I could care less about making a buck off of the earnest money. I feel like its my duty not to allow this to continue and to teach a lesson to the buyers broker or the buyer. Currently my agent has offered to take $1500 off of their commissions cause they feel at fault. I do not want this to happen in any way and would rather hold the buyer and the buyers broker be accountable. I appreciate your feedback though Kevin!

Loading replies...