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Updated about 3 years ago, 11/05/2021

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

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