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Question about EMD

So a friend a mine is closing on a property soon. Contracts are signed, he paid for inspections, seller agreed to repairs. While he was looking for home owners insurance, he found out it was a claimed filed for stolen property back in December of 23. The claim was for 28k. Because of this he is getting really high HOI quotes and wants to pull out of the deal. Can he pull out and keep his EMD? He expected to pay around $120 per month for HOI but is getting quoted around $3500 for the year because of this claim. This makes the Monthly payment much higher than anticipated. Seller never disclosed the claim. Thanks

submitted by /u/Intelligent_Bed1605
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source https://www.reddit.com/r/RealEstate/comments/1fe3vj1/question_about_emd/
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