Legal Question in Real Estate Law in Texas

Earnest money after contract expires.
My husband and I had a contract to sell our house with a closing date of 6-14-07. The buyers asked for an extension date of 6-18-07, which we granted them. They let the contract expire without purchasing the house, yet they were still waiting on approval of the appraisal by the lender. The lender rejected the appraisal (comps too far away for our rural property) on 6-20-07, two days after the expiration of the contract. The buyers chose not to apply with a local lender who knows our market and would approve the loan within 24 hours of application. Now the buyers want their earnest money back because of the appraisal rejection. But the contract had expired before we even received the rejection. Could you please tell me who should legally receive the earnest money? Thanks.

Asked on 6/26/07, 3:55 pm

Johm Smith tom's

0 users found helpful

0 attorneys agreed

Re: Earnest money after contract expires.

We would need to read your contract in order to answer your question.

Answered on 6/26/07, 9:53 pm

Keywords

Match Any Match All

Country

State

Area of Law