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We have a buyer that has notified us that they are cancelling the escrow. We have all docs signed, we have a signed contingency removal, we have been approved by the appraiser. We have the pre-approval information from the bank. Is there any way they can back out at this point other than loan problems. They had also made a $7500 earnest money deposit, if they do back out who keeps the money. We have not been given any reason at this point...
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Hi Sharkfans,Look at your executed contract. There will be a section that specifically refers to Earnest Money. When it has to be deposited, as well as what happens in the event of a dispute. If you are being represented by Realtor, Your agent will discuss the contract with you and let you know what your options are. Also, Depending on the reason a buyer backs, they may be entitled to keep their earnest money. i.e During the building inspection phase of the contract, or another would be there is financing problems prior to the final loan date. Your best bet is to consult your realtor, and your contract.Best of luck to you in the sale of your home!
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