Earnest Money Deposit

[Michelle Henriquez]

As a wholesaler, how do you get the EMD back once your cash buyer has closed on the property?

[Nayron Henderson]

I am not a Coach or Guru, but I will try and make some sense of this for you...

If you put the EMD up yourself, then you would have needed to include in your assignment contract where to release the EMD deposit upon closing otherwise it was applied to the purchase of the property upon closing. Check your HUD statement.

Normally the buyer puts up the EMD deposit, and when the transaction closes his/her EMD deposit is applied to the purchase of the property. (Ex. 100,000 - 1000 EMD Deposit=99,000 would be funded at closing)

Im not sure how you would go about getting your EMD deposit back after the transaction has closed or if it is even possible. Maybe contact the buyer and see if he/she would be willing to reimburse you your EMD deposit.

Hope this helps..

[Eliott Elias]

Yes