Occasionally, you have a deal that goes bad and earnest money is on the line. What Steven found out that was most common in disputes is that the buyer does not qualify for the loan. Even though there is a loan contingency there is nothing specifically in the contract that most of us (realtors) use and it is a GLVAR form. That says, “if buyer does not qualify for the loan” and they are pasted their contingency the buyer can lose their earnest money. Steven seen a situation where the buyer was still in their contingency and seller did not want to return it back buyer.
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