Hi all,
I am a new wholesaler and focus on residential "contract assignments". I recently got a contract assigned and accepted the deposit from the buyer. The partial assignment fee was taken to the title company for escrow.
The end-buyer informed me that they feel they made a mistake and will likely not close. In addition they asked if I will be willing to work with them to return their deposit, which Is non-refundable, which of cause I explained is non-refundable.
My question is, since the contract is already assigned, if the buyer does not close, does the title company still send me the non-refundable deposit of the assignment fee? What fees will the end-buyer be responsible for if they do not close typically? The wholesaler (me) as I understand are not responsible for anything, right, since the contract is assigned already.
What are my options after closing fails?
Sincerely,
J
