Looks like we aren't moving....sigh...

Rebekah1021

The buyers of our home can't get a loan. Our realtor proposed to us letting them lease our house for 9 mos until they can get a loan. We said no way. We are giving them until Monday for them to pull a rabbit out of their hat, then back on the market it goes.

 

Mominator

That sucks! Do you at least get to keep their earnest money?

Rebekah1021

Mominator:

That sucks! Do you at least get to keep their earnest money?

Hmm...didn't think of that. I will check on it though 

Mominator

Rebekah1021:

Mominator:

That sucks! Do you at least get to keep their earnest money?

Hmm...didn't think of that. I will check on it though 

My understanding, and I could totally be wrong, is that if they fail to hold up to their end of the contract, in this case failure to obtain financing, then you would be entitled to that money. I could be wrong though.  

Ciarrai

This happened to us almost exactly the same. We were scheduled to close on July 15th. It took to July 30th with lots of delays and excuses to find out they couldn't get financing. We did get to keep the earnest money from those buyers. Also our realtor called all the people who were interested in the house but didn't act for whatever reason from before we went under contract. By some amazing stroke of luck, one of those buyers was still interested. We lost the deal on Monday night. They showed the house on Wednesday and we were back under contract by Thursday morning. It actually worked out for the best because we got a much better (for us) house and the second buyer offered slightly more money. Not much but it helped the burn. Hopefully yours works out too!!!

r9stedt

Oh no!  That is terrible!!

pookie2005

I'm sorry.  

jessica1080

Same exact thing just happened to us.  We were supposed to close on November 17th and they notified us the day before that it wasn't going to happen.  They asked for another week and we agreed, but after that it is back on the market for us.  I was beyond disappointed.  Hopefully it will work out even better the next time like it did for pp.  That sure would have been a nice present right here before the holidays though!    I need to check on our earnest money as well...that would ease the disappointment a little, very little.

lsufan

Ugh, so sorry.  I think whether you get to keep the earnest money will depend on how the contract was written.  When we had an offer on our house (that never turned into a contract), they were going to have a certain amount of time to get financing.  If that deadline passed before they backed out, then we would have kept the deposit.  If they cancelled before that time due to financing, I don't think we could have kept it.  Didn't matter for us, since they withdrew their offer, but oh well.