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Earnest Money Deposit

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C

CynthiaS

Guest
I entered into a contract to purchase a house. I was given a pre-approval letter from a mortgage broker with a guarantee to be able to close by the date specified in the contract. There were some problems and we could not close by the date specified, so we did an addendum to the contract and I put up an additional earnest money deposit. We finally, after several weeks, were able to secure financing, but the seller took the listing from the original agent and placed the house back on the market with another agent. He then told my agent that he would need a new contract [after the loan was ready for closing], so the agent wrote up a new contract exactly as the original contract. The seller rejected my contract going with another contract offering more money. Now the seller wants to keep my earnest money deposit. Can he do this?
 


HomeGuru

Senior Member
Yes, if per the contract you were in default or the deposit was non-refundable. Read the contract for provisions that constitute default and remedies.
 

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