Wholesaler Took My EM

[Hunter Gibson]

Hi everybody I was wondering if you could help me. There is a home in Tampa I went UC with a wholesaler and told him I was closing it conventionally which they were fine with.

Long story short the home is a triplex and zoned as a SFH so the lender will not lend on the property forcing me not to close and the wholesaler took my EM. Even though a DSCR loan or any other loan would not lend on the property. Is there any way to get the EM back or make sure title is not aloud to give it to them.

[Josh Green]

Quote from @Hunter Gibson:

Hi everybody I was wondering if you could help me. There is a home in Tampa I went UC with a wholesaler and told him I was closing it conventionally which they were fine with.

Long story short the home is a triplex and zoned as a SFH so the lender will not lend on the property forcing me not to close and the wholesaler took my EM. Even though a DSCR loan or any other loan would not lend on the property. Is there any way to get the EM back or make sure title is not aloud to give it to them.

Off-market property, which is likely the case if you were buying from a wholesaler, has no financing or appraisal contingencies most of the time. If that is the case for you, there's nothing you can do to get that back. Best case scenario, you can extend the timeline and close on it with a HML. I recommend using an experienced agent to help you buy especially off-market deals to help avoid costly mistakes. If you need a good HML just DM me. Good luck! 👍