All Forum Posts by: Victor O.

New to the Austin area and also seeing that its HARD finding decent deals out here. Also looking in the Austin-San Antonio corridor for Buy and holds ideally. Any word on meetups or networking opportunities?

Thanks for all the responses!

Greg H. 

No, the Seller did not send a notice of Termination. They simply did not extend the contract. But the seller did send a request for the EM.

Reply to Bruce Lynn

Option period was 7 days, long exhausted. And looked into those areas as well, to no avail. Since it appraised, I dont see a reason it would not be insurable? But yup, you're right...thats why EM exists.

Hey BP!

My very first post here! Anyways, here goes. I think I already know the answer, but figured I'd double check anyways.

My question is with regards to how Ernest Money is to be handled in a specific situation: An offer was made in Dallas, TX, and the deal was put under contract with a 14 day contingency for securing financing. However, it turns out the mortgage person was not the greatest, said all was OK...until AFTER the 14 day period (it was really the friday before a monday close, but who's counting). Long story short, the contract was extended once to try to make it work, but the mortgage company was still unable to fund.

Under these circumstances, the buyer, would lose their earnest money. However, in this case, the seller somehow found another buyer ...and rather then extend the contract, opted to switch to this new buyer (& understandably so).

In the above scenario, does the buyer have any recourse to recover the Ernest money? Whether from the mortgage company or from the seller?

Thanks!