Q: I’m in Tx. The cash buyer hasn’t deposited earnest money since last 2 wks . Closing is next week What are my options?
This is a for sale of my house. It’s a 1.7mill cash deal. buyer keeps saying he has deposited EM but title says they not received since last 2 weeks . The buyer keeps making excuses
A:
Your options are
1) close the sale if the Buyer manages to show up with the money to close the purchase,
2) if the contract has a time limit for depositing the earnest money, you may be able to terminate the contract, (but most do not). There may be other options available under the terms of your contract.
3) If the Buyer is not able to close within the time provided by the contract, and the contract is not extended, it will terminate. At that point, you should send a notice to the buyer that the contract is terminated, and find a buyer who is serious about buying, and able to do so.
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