Backing out of a deal

[Lorenzo Caballero]

I have a property under contract and an issue came up with my end buyer. He is unable to take the property because of an unexpected problem on another house he is rehabbing. When talking to the seller BEFORE getting it on contract, I was 100% transparent about how I am not funding the deal in any way and I will be assigning the property. Now that my buyer backed out, the seller is wanting me to put the earnest money down. Am I still liable for the EM? I have all the text messages showing the conversation where I am saying I am not funding the deal and I am simply assigning the property. I have even spoken to his title company about my intentions. Given this scenario, can I walk away without putting the EM down? There is no clause in the contract stating when the EM needs to be put down. It has only been on contract for a little over a week

[Guy Gimenez]

The answers to contractual questions will always be found within the contract itself. No one here has read your attorney drafted contract and so any answers as to your obligations under the contract will be of little use. I invest in Austin, San Antonio, Houston and the Texas coastal areas...and I do fund my deals so I'll be happy to see if there's a way for us to both make some money if you want to consider it. I will be in the Houston/Galveston area later this evening to buy a property so let me know.