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Replies (6)
- Bob Lockee, "BobLockee"
- Contributions:1
I'm going out on a limb here without knowing more about the terms of your contract. If the Sellers submitted a counter offer past the submission deadline date, then I feel you have the grounds to consider the contract null and void. Hopefully, your agent provided language in your contract to protect you and your interests in the event negotiations or performance by the Sellers fell short of the terms of your written offer.
- John Stewart, "nwhome.us"
- Contributions:2166
Unfortunately none of us are going to be in a position to help you or even express an opinion on this, here. Every signature, initial, time-frame, receipt of document record and a host of other issues will determine where the earnest money ends up.
Who is your advocate? If you are using a reputable real estate brokerage, you first go to the principal managing broker and then to the firm's attorney to can give you an initial opinion and put the Seller threats into perspective. You will also need an opinion from your own attorney.
Finding a home and making an offer usually indicates that you are about 50% through the buying process. And that is when the process is going smoothly. Your advocate (real estate agent) should be watching these details and being certain that the dates don't get missed. If it gets sticky, the process can go on "for ever."
Who is your advocate? If you are using a reputable real estate brokerage, you first go to the principal managing broker and then to the firm's attorney to can give you an initial opinion and put the Seller threats into perspective. You will also need an opinion from your own attorney.
Finding a home and making an offer usually indicates that you are about 50% through the buying process. And that is when the process is going smoothly. Your advocate (real estate agent) should be watching these details and being certain that the dates don't get missed. If it gets sticky, the process can go on "for ever."
- Caroline Choi, "Caroline Choi"
- Contributions:98
I would check in with your agent and see if your agent's brokerage can provide any support on this. Without having seen your contract and timelines, it's hard to say, but this may be a case of having to take it to arbitration. What a situation -- I'm sorry to hear you are going through this.
- Marinka Nekic, "MO4SALE"
- Contributions:5
As Bob said without seeing the paper work it is not easy to give you an answer. Make sure that your agent recheck all the daedlines (seller-buyer).It will help to determine if seller is in default. P.S.Broker can keep the money up to 6 month than money will go to the State ( judge will decide who gets the money if it comes to that point). I hope this helps little bit.
P.S.As a Buyer there is lot of ways to get out of the contract. Talk to your agent!
P.S.As a Buyer there is lot of ways to get out of the contract. Talk to your agent!
- Ofe Polack, "Ofe Polack"
- Contributions:1418
At this point I would request a meeting with your Agent and the agency manager to ascertain what type of legal advice they can provide you with. We have not seen the contract, hence we do not know the terms that you are following. I think the listing agent may be waiting for the Letter of Commitment, which is issued after the Appraisal has been conducted. I am sure that if your buyer agent felt that you were not going to meet the Letter of Commitment deadline, he/she would have drafted an Ammendment to the purchase and sale regarding the timetable existing on the contract. Seek legal counsel if you are not satisfied with the response you receive from your agency. Good luck!
- Brian Teyssier, "Brian Teyssier GRI"
- Contributions:964
They missed a deadline, contract is null and void and from the info provided, you should receive your hand money back.
Seller and Listing Agent threaten to keep earnest money
Now we just want out. The whole deal feels shady and we feel bullied. But now the seller, the listing agent and even the head broker are claiming if we terminate they will "play hardball" to keep our earnest money. Are they posturing? What can we do? Should we pursue mediation/court? We're still trying to figure out what we did wrong - we really wanted the house and we tried to do everything right.
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