QUESTION

How many days does the buyer have to submit the earnest money before it becomes breech of contract and if it becomes breech, what can be done?

Asked on Sep 11th, 2023 on Residential Real Estate - Florida
More details to this question:
I put my home up for sale By Owner and received an offer from a wholesaler, that I accepted. The buyer drew up the contract, chose the earnest money amount, selected the title company, and demanded I remove the sale ads. The buyer then hesitated weeks to hand over the contract to the title company so after speaking with the title company, I turned it in myself. We are 3 weeks from date of signed contract, and less then 4 weeks from closing date. Buyer still has not submitted earnest money, is trying to lower the price, stating he does not have an investor, and said the home does not meet value although there has not been an appraisal or walk-thru of any kind. I do not want to alter the contract or sign a new one.
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1 ANSWER

Real Estate Law Attorney serving Coral Gables, FL
4 Awards
The answer will lie in your contract. If you are using a Residential As Is, it will be the first page where it states the amount of the escrow deposit and the due date. If unsure, speak to a lawyer to review your contract and advise accordingly. 
Answered on Sep 11th, 2023 at 10:42 AM

The comments provided herein are not meant to be legal advice nor create an attorney/client relationship.

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