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So I forgot that a check I wrote for the earnest deposit was linked to bank account A. I absent-mindedly transferred money from account A to account B. I had some other funds from account C to account A that was already electronically withdrawn, but has yet to show up to account A.
The result of the transaction mess was that my earnest money check bounced.
So I forgot that a check I wrote for the earnest deposit was linked to bank account A. I absent-mindedly transferred money from account A to account B. I had some other funds from account C to account A that was already electronically withdrawn, but has yet to show up to account A.
The result of the transaction mess was that my earnest money check bounced.
What should I do?
Quote:
Originally Posted by TexasHorseLady
Be Pro-active. Tell your agent, and have your agent contact the title company to let them know what happened. They'll tell you how to handle it.
Proactive indeed! Talk to your agent, title company, or closing attorney immediately.
Your contract may have provisions for a bounced check, and how quickly you have to provide good funds.
In NC it is 24 hours/one day, or the Seller may terminate at will.
Embarrassment is easier to get over than losing a home you really want to buy.
The big thing is NOT that it bounced (which happens OFTEN) but that in this market, with so many deals dying for things like lack of funding and failure for a property to appraise, you don't want any freaky/funky credit entries on the deal as a buyer NOR do you want the seller and their agent to assume that you are less than capable of consummating the transaction. It is not so much that they'l reject your offer and go with some of te hordes of buyers beating down the door (becuase those days are gone...) but you don't want ANYTHING to cloud the various parties ability to close this things ASAP...
I have not heard back from my agent, yet. Should I leave a message at the title company's voicemail tonight, too?
Definitely! You need to let everyone involved know that this was an honest mistake. You have to be proactive here and let people know you're a good person who made a mistake ~ everyone makes mistakes and can relate to your plight. Best wishes!
I have not heard back from my agent, yet. Should I leave a message at the title company's voicemail tonight, too?
Sure.
What can it hurt?
And you should likely have your nose pressed to the Bank door when they unlock it in the morning, waiting to get certified funds to carry to the title company's office.
So I forgot that a check I wrote for the earnest deposit was linked to bank account A. I absent-mindedly transferred money from account A to account B. I had some other funds from account C to account A that was already electronically withdrawn, but has yet to show up to account A.
The result of the transaction mess was that my earnest money check bounced.
What should I do?
In Oregon, the seller would be entitled to terminate the contract immediately and would be entitled the earnest money funds as damages as well.
Having said that we are in a buyer's market, and a nice apologetic letter to the listing agent/seller explaining your mistake will ease some concerns. Check your earnest money deposit due date. You may have to have a new addendum to extend it out to be in compliance.
That happened to me when I bought my first town house. I NEVER bounced a check in my life and my DH (then fiance') messed up. I was mortified, but contacted my realtor and all was good. Just make sure everyone knows you are not trying to pull anything and get those funds to them ASAP.
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