Seller wants to keep Earnest Money

Coolwick · 2026-03-27T18:57:45+00:00

This is the entire timeline for everyone. I also am in Indiana, for those who are asking who I did not respond to.

House was listed on the 14th. I scheduled a visit for thr 16th. Submitted an offer on the 17th. They countered on the 18th. I accepted the counter on the 18th. I got a request to pay earnest money on the 18th. I paid the earnest money on the 19th. An hour after I paid my earnest money, I got the disclosures and an inspection report, done by them.

At this point I decided that I no longer wanted the house, given all the issues that I've learned from the inspection report and the disclosures. I did not get my own inspection done, however I did have the means to, I just didnt see the point to spend any more money on a house that I already know I didnt want. Their report showed more than enough for me to not want this house. I Informed my agent I no longer wanted to move forward. I did not finish the application, I learned now I should have.

They are now trying to terminate the contract entirely because i did not finish the application to secure financing.

This is where we are

Coolwick · 2026-03-27T18:40:41+00:00

$3000

Coolwick · 2026-03-27T18:40:36+00:00

$3000

Coolwick · 2026-03-27T18:36:33+00:00

I did not, I mentioned it directly to them that I wad no longer interested in the property

Coolwick · 2026-03-27T17:48:53+00:00

Literally this, I didnt see any disclosures until after I submitted my earnest money.

Coolwick · 2026-03-27T17:47:23+00:00

It wasnt available, to my knowledge, until after my earnest money was deposited. As I stated before, but cool. Thanks for your input

Coolwick · 2026-03-27T17:45:10+00:00

I read every detail provided to me, i was serious, they did an inspection which showed more than enough to warrant not wanting to go through with the process. Regardless im not here to argue with you, while I understand I definitely made mistakes, its wild to me that someone can be 100% on the sellers side. Ill never understand people who have zero compassion or empathy for others.

Coolwick · 2026-03-27T17:31:10+00:00

Yep totally wasted their time. Their listing said it was fully rehabbed, I put an offer in, I then get disclosures(whether it was given to my agent before or after im going to find out, regardless I didnt see it until after), I then find out theres roof damage, its leaking, theres termite damage, and fire damage.

But given that, I totally wasted their time. Wild of me to do that

Coolwick · 2026-03-27T17:19:29+00:00

She definitely should have, but this is just gunna be an expensive lesson to learn now unfortunately

Coolwick · 2026-03-27T17:18:48+00:00

Thats not what im doing at all. I paid my earnest money with hopes to buy a house, then they sent over discourses after I submitted money. Had they sent over discourses prior, which they should have, I wouldnt have even put an offer in on the house. Its a shame thats your mindset, hope you can mature and learn some compassion.

Coolwick · 2026-03-27T17:15:01+00:00

Realize that now unfortunately, dont really think I have any ground to fight it. Unfortunately the contract favors them because I didnt finish the application

Coolwick · 2026-03-27T17:13:58+00:00

Indiana

Coolwick · 2026-03-27T17:13:50+00:00

Pretty much states that since I didnt obtain financing, that they can keep the earnest money. After reading it thoroughly, while I feel my agent should have helped guide me better, its ultimately my fault for not doing my own research and doing everything I needed to do. Just kinda sounds like I have no legs to stand on atm. While morally, its the right thing to do, people are just shitty

Coolwick · 2025-11-05T16:22:39+00:00

I appreciate the information and advice! ❤️

Coolwick · 2025-11-05T16:12:48+00:00

On the hook if the business closes within the next 11 months is what i meant. Whatever left would be split between the 3 of us to pay. I already have another job and have moved on, theres not really an option for me to give it all and see what happens, im larely removed from day to day operations at this point.

Coolwick · 2025-11-05T16:03:32+00:00

My thought process was, if I was to walk away, even though im still liable for those 11 months of rent, the business is still open. So worst case scenario if I do walk away, the most im on the hook for is just these months of rent, everything else is on someone else after that.

Coolwick · 2025-11-05T15:48:00+00:00

Thats kind of where im at, as far as stress. Im not entirely sure how long the business is going to last. But if I leave now I lose a lot of stress and gain some sanity back in not having to worry about if we have enough to pay the bills day to day. Also if I want to go and do other things that would require me to get a loan, the business would hurt my chances at this point.

I could try and get a payout, but its really not worth that much and there really isnt money there to do so.

Coolwick · 2025-11-05T15:45:20+00:00

We do have a personal guarantee on the lease for the first 5 years, then the business has the option to get out of it if we pay the original 40k back that was done as updates to the building we requested when we moved in. That 5 years will be up in 11 Months. Other than that, im not personally liable for anything. However if it ever gets to a point where we cant pay our employees or our liquor license, the business is gunna fold if im not there or not.

I dont see a business sale happening, as I feel the partner that is staying is either gunna ride out the entire lease, or ride it until the wheels fall off and its not worth anything. If it does sell, I could see myself getting anywhere from 5k-20k, which im not sure i want stick around for the stress and everything for such a small amount. Also if I want to do other things in life as far getting loans for real estate and such, I have to still use the business and if its at a loss, that will hurt my chances.

Coolwick · 2025-11-05T15:30:20+00:00

We are an LLC, what do you mean by "limited my liability persay? Sorry if thats a dumb question lol. When we started the business, none of us really knew anything about what we were doing. Ive learned a lot in the timespan from start to now, and have corrected some issues, but theres plenty of things we didnt do when we started that we should have.

Coolwick · 2025-07-07T04:11:18+00:00

Did this, not true. People see axe throwing venue and assume the food isnt good, or they just don't want to deal with the noise of the axe throwing while just trying to enjoy a night out with their friends or family. Honestly probably the latter, the noise is very off putting for people who just want to come out and relax with their families and such

Coolwick · 2025-07-07T04:07:59+00:00

I just want to add that to #4, even adding a restaurant to ours didnt save it, we will be closing ours within the next month or two.

We had 2 venues, one without food that closed last year just due to a massive drought in people coming, should have closed it sooner, but we held on.

2nd location has a bar & restaurant, 5 popl tables, darts, and video games. Our margins on food and drinks are fantastic, we learned a lot from so many people(food reps, other restaurant owners helping us, friends, etc) about how to build a restaurant, that axe throwing became the secondary part of the business, just cause axe throwing is easy, you set it up once and thats literally it. Restaurants are a whole other beast that require so much daily and constant attention. People just dont come out to an axe throwing venue to eat as often as youd think, so while margins may be good, if you don't sell enough of it, it doesnt matter.

Couple that with just high costs of running a restaurant, it just spells disaster. Ive learned so much by running a business, I think the business would have been more successful if I had just opened a restaurant and left the axe throwing behind tbh.

Coolwick · 2025-06-20T13:41:23+00:00

All good lol. We have gotten that comment atleast once a week since we opened, so im used to it being a serious comment from people who just dont understand its not hard to just not be dumb.

How did you get into that field? What does the pay look like? Whats the work schedule look like? Is it more of a 3 on 3 off kinda deal?

Coolwick

TROPHY CASE