We put $5,000 earnest money down with the contingency if we can't get financing we can get our money back. Now we find out nobody will finance it for the property because it is a manufactured home in a floodplain however they don't want to give us back our earnest money
There are situations where it is appropriate to keep earnest money; there are situations where it is not. It depends on the language of your purchase agreement.
The comments listed here are of a general nature and are not offered to create a formal attorney-client relationship -- that is, I am not, and I cannot give you legal advice here. I am Iowa licensed and, to become your attorney, I need to understand the particular facts and circumstances of your legal question and most likely meet you face to face.
You need to hire a real estate attorney to represent you. The answer is in your purchase agreement. Without reviewing that document, there is not much anyone on a forum such as this can do for you. This is a good example of why you should always hire your own attorney whenever you purchase or sell real estate.
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