NW Ryan is back on the market. The transaction failed today through no fault of the seller or the property. The cash buyer walked away from the transaction and forfeited their earnest money. This is only the second time in five years that I have seen a buyer walk at this stage in a transaction but this is exactly what earnest money is for. 100% of it will go to the seller. There were no contingencies left that would entitle the buyer to get keep their earnest money.

A buyer is only at financial risk for the amount of earnest money committed in the offer. The buyer can walk for any reason at any time before closing and forfeit their earnest money if there are no valid contingencies to refund the earnest money. The seller can be sued for specific performance and forced to close the transaction under the terms of the contract.