What is the process to get earnest from a sale?

We sold our house and received an earnest money with the offer. The buyers went thru the financing process And were approved. The week before scheduled closing the wife quit her job. They no longer were qualified for their loan. They are now scrambling to find some way to get their loan. They have missed 3 closing dates. We have given them until the 31st of this month or we will put the house back on the market. How do we go about getting the earnest money?

Asked on July 29, 2012 under Real Estate Law, Washington

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

If the buyers of the property that you want to sell have waived all contingencies to purchase your home, I would have a real estate attorney send them a letter giving them 20 days from the letter's date to close escrow or forfeit their deposit to you where the escrow will be cancelled.

I would then have your real estate agent list the property against subject to full disclosure of the buyers in contract for your property.

If all contingencies have not been waived by the buyers to date, then you are not entitled to the deposit.


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