We are strugling to get our earnest money refund

[Jlyles]

Yeah, she's an agent! Probably the most reliable advice, given the information ...

Originally Posted by VRE332

Gosh you know your stuff....

[Margery]

Originally Posted by Jlyles

Yeah, she's an agent! Probably the most reliable advice, given the information ...

Actually, I'm a broker and have been through this situation when I was holding the escrow money for the buyer and the seller refused to sign the release. I gave them 30 days notice I was going to release the money (as required by the contract) and they signed the release.

This is an old thread, I wish the original poster had let us know what happened.

[Jlyles]

Oops, my apology Margery, didn't check your title before I tapped my kudos! Hopefully she took time to read your advice before she disappeared.

Originally Posted by Margery

Actually, I'm a broker and have been through this situation when I was holding the escrow money for the buyer and the seller refused to sign the release. I gave them 30 days notice I was going to release the money (as required by the contract) and they signed the release.

This is an old thread, I wish the original poster had let us know what happened.

[Guamanians]

Originally Posted by Jlyles

Oops, my apology Margery, didn't check your title before I tapped my kudos! Hopefully she took time to read your advice before she disappeared.

she's not really an agent, but she did stay at a Holiday Inn express last night

[blessd6]

i have a simular situation. i had an acceptable contract on a as-is bank owned property. once i had an inspection for a to know bases i found there was a water leak so i backed out of the contract. my realtor to told me if i back out that the earnest deposit is non-refundable. i just wanted to know how true that is?? i know my realtor is upset because he feel like he did all this work for nothing because he keep trying to talk me into it saying it is a really good deal. i feel it is a good deal but i'm a single mom with very little savings so do not have the money to make the repair and the bank refuse as stated in contract as-is. help

[Yankeesfan]

As-is means you've agreed to accept it as-it-is. The alternative would have been to make your contract contingent upon a satisfactory inspection. Does your contract have an inspection contingency clause? If not then you probably won't be able to get a refund.

[Trainman1]

First off... There are alot of realtors who are crooked and will split the earnest money with their broker etc and give a bogus excuse however making it sound legitimate in real estate lingo terms to unknowing buyers (with a smile on their face). Most importantly there is a section on almost every real estate agreement that states that unless all parties in interest of the earnest money SIGN an agreement for the moneys to be alotted away from the trust account held by the agency the realtor works for then it can't be disbursed otherwise until closing. Also being that it's a bank owned home there is really no party that took a loss. The bank will get their money. I have been in the market for 3 years and I am just now buying a house simply because I went through a similar experience last year and things are a trial and error learning experience. Especially with these times. Everyone has their hand out. My son was born with medical conditions that weighed on our available funds. I told my realtor and she started screaming binding agreement. But what she didn't tell me is that she had already gave part of my earnest money to a title company BEFORE the binding agreement date expiration. I went straight to the agency she works for and caused a scene. That is completely unlike me but sometimes that is what it takes with people. Especially where money is concerned. I got a knock on my door the next day with cash money laying on the doorstep. No, not all realtors are bad. But most I have encountered in lieu of these hard economical times only have a percentage in their mind. It's almost like the customer satisfaction quota has just went right out the door. I don't know the full details of your situation but you should get the earnest money back being that it was a foreclosure.

[liloulou]

I think considering you are basing getting your earnest money back on the HOA documents, you really need to look at how it's written in your contract. Some state that it's YOUR responsibility to get the HOA docs on time; others state that they will be sent to you... you have to verify this information. If it was indeed your responsibility and you didn't get them, then I doubt you can use HOA docs as a reason to back out and get your earnest money. And you make it sound as though you backed out of the contract prior to even requesting the documents. If that's the case then I understand why the person wouldn't send them to you... you no longer want the house, so why would they send the HOA docs to you? And then you couldn't use the HOA docs as a reason to back out and get your money. I think a lot of this is in the details and timeline of things too.

If you acted accordingly, and at the time you were reviewing the HOA docs, heard the "rumor" and backed out, then I believe you are entitled to getting back your earnest money. You must know when and when you can't get it back before you write the check.

Talk to the broker and try to get it back, but I think it's all in the details of how and when you backed out.

[liloulou]

Oh, ooops... and old thread.