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Updated about 7 years ago on . Most recent reply
Buyer Backing Out 5 Days After Earnest Clears - Any Loopholes?
I listed a house and it sold in 10 hours for $15K above asking. The buyer is now backing out 5 days after $5K earnest money cleared. It's my understanding they have 7 days to back out for any reason and get earnest money back. Are there any workarounds here to keep earnest money or is there nothing I can do? This is my first listing, so thanks for answering my newbie question!
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Wayne Brooks
#1 Foreclosures Contributor
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Wayne Brooks#1 Foreclosures Contributor
#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
If they have 7 days to back out for any or no reason, which is typical, they have right to back out, period. Why do you think you should be able to keep the EM?