How do I get my Earnest Money back??
Well... it depends on what you signed. I always put in a clause that the contract is contingent on passing an inspection by xyz inspector. The inspector can be a friend knowledgeable about buildings, that will fail the inspection if you tell you changed your mind. Also, usually there is a clause in the contract that stipulates that the building must also pass the inspection by someone sent by the lending institution. Finally, always have a lawyer read *all* documents. Every real estate person I have bought or sold through found new and creative ways to rip me off. Having a lawyer read everything would have prevented that.
by Clown Knows - 21 hours ago
This Site Might Help You. RE: How do I get my Earnest Money back?? I want to get my earnest money back, and I want ALL OF IT !! I made an offer on a house with the intentions of living in it not rehabbing it. The offer was accepted, and we had the home inspected. There are a lot of things wrong with the house. It costs more money to repair these things than I can...
by Archie - 21 hours ago
Okay, you need a lawyer to handle this for you. First comes the examination of the contract. You may have two contingencies that will get you out. If you don't, you can blame the realtor that gave you the contract. First is the inspection contingency. Normal way to handle these is to adjust the price. Second is the mortgage contingency. These defects may cause the appraisal to be too low to get the loan as specified in the contingency. You need to be sure you're meeting your deadlines and the sellers are put on notice. There are hurdles to jump through to get the deposit back, it is not self-executing. Oh, by the way. Just because it doesn't have an inspection contingency, that doesn't mean it isn't contingent on the house being what you think it is. If you thought it was one thing, and the inspection shows it is something else, but the contract doesn't say "AS IS", there's no meeting of the minds. Seller was selling one thing, you were buying another. Only after the inspection do you both know just what the house is.
by open4one - 21 hours ago
Yikes, looks like you copied the inspection report on your letter. In any event first of all you should have terms within your offer to purchase to address the issue of "subject to inspection" and the terms that would allow you to terminate your offer. Second you with your agent should have looked at the Seller's property condition report to ascertain the language that you should have placed in the "subject to inspection" paragraph. The preparation of the subject to clause should have been done by your agent with your assistance. Hopefully it was. Lastly, simply ask your agent to prepare a termination agreement and bring it to you. See what the termination agreement says before you sign it regarding your deposit. It might be that you are reacting to something that might not happen and you will get your deposit back in full. Buena Suerte
by newmexicorealestateforms - 21 hours ago
If you made the offer contingent on a satisfactory inspection the use the contingency. Although from the tone of your post it doesn't sound like you did. What does your agent say?
by Karen R - 21 hours ago
Hi, my name is Eunice Saunders and I am a Real Estate Agent. The answer to your question lies in the the "offer to purchase and contract" that you have signed with the buyer. If you had a good Agent or an Attorney help you to put the contract together it should have a clause for this type of situation. You can rescind your contract even if the clause is not in there though. It may cost you the earnest money to get out of the deal if you do not have a good reason to back out. I would suggest you speak to your Agent and a good Real Estate Lawyer. Either way this has cost you some money as you will have to pay for whatever inspections and appraisals that you have ordered for this property. Most of the time a seller will let you out gracefully if you want out so just find out what is in your contract and gracefully request to bow out of the deal. Be as nice as you can, cause being ugly will only make matters worse for you. Good Luck! Eunice
by Eunice Melinda Saunders - 21 hours ago
You have the house inspected 'First' then you make an offer. And as far as earnest money goes...'One' dollar will hold a house. You took the house when you gave the owner the money. The owner lost other sales because he had stopped selling the house because he felt it was sold to you. You should talk to a real estate person to follow the right protocol. Then talk to home owners to find how they did things.
by debbie2243 - 21 hours ago
Look at your contract - there should be a clause regarding the house packing a home inspection, and also one regarding the ability to float a mortgage. Failing the home inspection gets you out of both of these. If you paid by personal check, put a stop payment on the check, and if it's within 30 days, you'll get your money back - you'll pay $30 to do the stop payment, well worth the effort. If you still want the house, give them this list and a time frame to complete (<30 days), and send them a cancellation letter, registered return mail, with a copy of the home inspection report.
by girlwhoknowsitstrue - 21 hours ago
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