Question: My contract with the buyers expired. They are still trying to get financing. Does the earnest money go to the seller? Since,they have not signed an amendment to extend, does this mean they backed out and walked away from the sale?
Answer: Read the part of your contract that speaks about default. That will give you the peramiters of what happens to the deposit. Also, just because they didn’t get an extension, doesn’t mean that they backed out & walked away. They are simply ‘out of contract’.
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