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When do you not lose earnest money?

post #1 of 6
12/22/10 at 11:08pm
Thread Starter 

In what situations does the would-have-been buyer not lose their earnest money when a real estate deal doesn't work out?

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post #2 of 6
12/23/10 at 12:27am

In my experience it all depends how the contract is written.  How the buyers relator writes up the offer, what the terms are, what the seller agrees to etc.

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post #3 of 6
12/23/10 at 5:54am

We did when we were outbidwinky.gif

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post #4 of 6
12/23/10 at 6:55am

We got our earnest money back on 2 different homes.  The first came back w/ issues on the home inspection and we had a home inspection contingency in our contract.  The second, we were in negotiations and we rejected their offer (it wasn't favorable for us), so we could proceed on another home (the one we ended up buying).

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post #5 of 6
12/23/10 at 1:59pm
Thread Starter 
Quote:
Originally Posted by mnnice View Post

We did when we were outbidwinky.gif



Wait, you lost your earnest money when you were outbid? Why would that be?

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post #6 of 6
12/23/10 at 7:34pm

I believe it would only have been if one of the contingencies written into the contract fell through or the seller backed out for some reason.

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