Zillow Advice: Buying Process - Can I get my earnest money back so late in the transaction? http://www.zillow.com/advice-thread/Can-I-get-my-earnest-money-back-so-late-in-the-transaction/518058/ Zillow Advice | Zillow Real Estate In Kansas our contracts state ... http://www.zillow.com/advice-thread/Can-I-get-my-earnest-money-back-so-late-in-the-transaction/518058/ In Kansas our contracts state that the property must stay in the "like or better condition" than it was when the contract was entered.&nbsp; This applies even if you are purchasing "as is".&nbsp; If the door is damaged, they would either have to replace the door with like or better&nbsp;or&nbsp;all parties&nbsp;mutually&nbsp;agree in writing&nbsp;to a credit.&nbsp; If they don't they are not performing according to contract &amp; you&nbsp;could cancel with full earnest money refund &amp; no further obligation/liability to purchase. Wed, 06 Nov 2013 15:27:00 GMT http://www.zillow.com/advice-thread/Can-I-get-my-earnest-money-back-so-late-in-the-transaction/518058/ 2013-11-06T15:27:00Z Let me just say that it makes ... http://www.zillow.com/advice-thread/Can-I-get-my-earnest-money-back-so-late-in-the-transaction/518058/ Let me just say that it makes no difference how much money these investors are making off this deal. &nbsp;I am simply stating that by making that amount of money, the things I am asking for are a spit in the ocean to them. &nbsp;This house was not listed "as is" &nbsp;In fact the sellers agent said they will fix big issues but not cosmetic and after inspection they refused to fix the 5 things we asked for out of 22. &nbsp;These things made the house functional. &nbsp;The only thing they agreed to fix was the door, either replacement or 450 credit. &nbsp;I was told they were getting quotes. &nbsp;My realtor assumed I would just go along with this because I have a large down payment and "have the money" &nbsp;She didnt tell me I had only 2 days left to get out with my earnest money. &nbsp;I was told on Saturday night they would make no repairs and Monday morning I told her I wanted to counter their refusal to fix these things or walk away. She explained I was too late to counter. &nbsp;She basically just wanted to close the deal. &nbsp;And now I cannot trust her, this is the reason why I am posting this question. &nbsp;It isnt about a 250 dollar difference. &nbsp;After these necessary repairs are made, it will cost me roughly 2k for everything. &nbsp;I have to have light fixtures to live in the house, the sump pump has to be replaced to prevent flooding, &nbsp;I need a microwave, &nbsp;I cant even open the garage door because the spring is broken. &nbsp;The electrical is dangerous not to fix. &nbsp;My inspector couldnt finish the inspection because the broken pipe flooded the master bedroom so the water had to be turned back off. &nbsp;The investors expected me to buy this house with a busted pipe?!? &nbsp;Because my realtor withheld vital information, I would have had to buy this house "as is" broken pipe and all. &nbsp;Fortunately the appraisal required the water be turned on so the sellers had to have this fixed for the loan to go through. By the way, it appraised at 240k exactly. &nbsp;And my lender almost backed out once they found out the sellers were making this kind of profit and made no upgrades to justify the price. &nbsp;In fact there is some kind of guidline that says a flipper has to own the property for more than 90 days before selling and cant make this kind of profit with no improvments. &nbsp;They made an exception for us.<br/><br/>My question is, am I within my legal right to get my earnest money back if they dont do the repair or credit the amount they agreed to after the inspection??? Wed, 06 Nov 2013 15:14:00 GMT http://www.zillow.com/advice-thread/Can-I-get-my-earnest-money-back-so-late-in-the-transaction/518058/ 2013-11-06T15:14:00Z I understand your frustration ... http://www.zillow.com/advice-thread/Can-I-get-my-earnest-money-back-so-late-in-the-transaction/518058/ I understand your frustration and sympathize with you. &nbsp;Irrespective of the ecomomics of the deal - whether the seller is makign $1 or $100,000 dollars you expect the seller to be reasonable in the matter of the door.<br/><br/>I am not sure which state you are in, however since you are 11 days before close of escrow it sounds like all buyer contingencies have been removed which makes the issue of cancelling escrow without losing your EMD more complicated. <br/><br/>&nbsp;In Califonia there is also a final walkthrough inspection where the buyer and agent verify the property is in the same condition as it was when the offer (form VP is used). &nbsp;The results of this inspection do not necesarily afford the buyer the opportunity to back out of the deal but do provide a basis for recovery of damages - in arbitration or small claims court. &nbsp; Consult with your realtor as to your options. &nbsp;<br/><br/>Do you really want to back out of deal over $250. &nbsp; It is not unheard of or even uncommon for either the buyer's realtor or seller's realtor to chip in a small amount like this at close of escrow.<br/><br/>I do agree with others here that the sellers profit should not enter into this - selling homes for a profit is common place. &nbsp;You obviously agreed to the sellers not fixing anything already and waived your opportunity to back out based on the condition of the house.<br/><br/>Best of Luck Wed, 06 Nov 2013 09:47:00 GMT http://www.zillow.com/advice-thread/Can-I-get-my-earnest-money-back-so-late-in-the-transaction/518058/ 2013-11-06T09:47:00Z You have a contract and you ... http://www.zillow.com/advice-thread/Can-I-get-my-earnest-money-back-so-late-in-the-transaction/518058/ You have a contract and you must follow the terms of the contract or you may lose your earnest deposit. Your agent should be guiding you through your rights and if you are not comfortable with their guidance you may go to their Broker of local Real Estate Board to help you with the terms of your contract.<br/><br/>If the door has been damaged during the escrow period the seller should make every attempt to repair it back to the original condition or replace it. Depending on the terms of your contract, your best recourse will be small claims court.<br/><br/>As for the amount of profit the seller maybe gaining, you should be evaluating what the current fair market value for the property is with consideration of the condition of the property. If you are purchasing it at a good value, you may have to same opportunity to a god return on your investment. The amount of profit the seller gains is not a consideration of the terms of your contract.<br/><br/>Again, you need to consult with your agent or an attorney if you feel the sellers are not following the terms of the contract. Don't let emotions drive your decisions. Wed, 06 Nov 2013 04:17:00 GMT http://www.zillow.com/advice-thread/Can-I-get-my-earnest-money-back-so-late-in-the-transaction/518058/ 2013-11-06T04:17:00Z Why does it matter to you ... http://www.zillow.com/advice-thread/Can-I-get-my-earnest-money-back-so-late-in-the-transaction/518058/ Why does it matter to you how much money they are making? Apparently they were in the right place at the right time. You are letting this cloud your thoughts. What's the appraised value? If it is close to $240,000 then it sounds like you took on a little too much with the repairs it needs. However, if it appraised for much higher, then those repairs, including the door, shouldn't matter that much. Don't get into a power struggle over this door unless you really don't want the house. You stand to lose $2500+ if you walk. Wed, 06 Nov 2013 03:41:00 GMT http://www.zillow.com/advice-thread/Can-I-get-my-earnest-money-back-so-late-in-the-transaction/518058/ 2013-11-06T03:41:00Z Whether or not the people ... http://www.zillow.com/advice-thread/Can-I-get-my-earnest-money-back-so-late-in-the-transaction/518058/ Whether or not the people who are flipping the house are making a profit appears to be coloring your emotions greatly.&nbsp; Breath deeply and think about this.<br/><br/>You say you didn't think you would be purchasing "as is".&nbsp; Why is that?&nbsp; Wed, 06 Nov 2013 03:04:00 GMT http://www.zillow.com/advice-thread/Can-I-get-my-earnest-money-back-so-late-in-the-transaction/518058/ 2013-11-06T03:04:00Z All anyone can tell you is; ... http://www.zillow.com/advice-thread/Can-I-get-my-earnest-money-back-so-late-in-the-transaction/518058/ All anyone can tell you is; "You have a contract and the terms of the contract prevail."&nbsp; If you have an agent or attorney you should be asking them this question.<br/><br/>How you could not have known that the house was "as-is" (if it is "as-is") is confusing.<br/><br/>Why you would walk away from a $240K home over a dented door makes no sense.&nbsp; You are letting your emotions rule your actions.&nbsp; If you agreed to a bad deal and now you want out, then find a contingency in your contract or cut your losses and walk.<br/><br/>If you do walk away, next time get some better representation. Wed, 06 Nov 2013 01:57:00 GMT http://www.zillow.com/advice-thread/Can-I-get-my-earnest-money-back-so-late-in-the-transaction/518058/ 2013-11-06T01:57:00Z The reason we are willing ... http://www.zillow.com/advice-thread/Can-I-get-my-earnest-money-back-so-late-in-the-transaction/518058/ The reason we are willing to walk away over this is because we are already taking too many hits financially for this home. &nbsp;This house was forclosed on and investors/flippers bought it for 150k, &nbsp;they are selling it to us for 240k with no updates/upgrades. They have done absolutely nothing to this home. &nbsp;It is missing a microwave, a garage door motor assembly, multiple light fixtures throughout the home and the sump pump is broken. Electrical issues as well. &nbsp;There was a broken water pipe that they refused to fix although they ended up having to fix it for the appraisal. i cannot believe that someone who is making 90k off this house in less than 90 days owning it is being so unreasonable. &nbsp;They agreed to replace this door and this is the only thing they agreed to replace...because they legally had to per the contract. &nbsp;My question is, can I get my earnest money back if we cannot come to an agreement about this door? &nbsp;They asked us to put down $2400. &nbsp;We did not realize we would be buying the house "as is"&nbsp; Wed, 06 Nov 2013 01:45:00 GMT http://www.zillow.com/advice-thread/Can-I-get-my-earnest-money-back-so-late-in-the-transaction/518058/ 2013-11-06T01:45:00Z They have to sell you the ... http://www.zillow.com/advice-thread/Can-I-get-my-earnest-money-back-so-late-in-the-transaction/518058/ They have to sell you the home you saw on the day you wrote the purchase agreement (usually the same day or within a day of seeing the home). If damage has occurred since both parties agreed to the purchase agreement, they're responsible for making it right. <br/><br/>But unless the door was brand new, you will probably only get credit for the fair value of the door at the time the damage occurred. Considering that you've spent money for inspections, appraisals, etc I would perhaps ask a little more money or just accept the offer. Wed, 06 Nov 2013 00:48:00 GMT http://www.zillow.com/advice-thread/Can-I-get-my-earnest-money-back-so-late-in-the-transaction/518058/ 2013-11-06T00:48:00Z Do you have estimates for ... http://www.zillow.com/advice-thread/Can-I-get-my-earnest-money-back-so-late-in-the-transaction/518058/ <p>Do you have estimates for that price range on the door?&nbsp; There is a form&nbsp;that should have been signed at the time of the purchase agreement stating that the home would be in the same condition as it was when you submitted the purchase agreement.</p> Tue, 05 Nov 2013 23:46:00 GMT http://www.zillow.com/advice-thread/Can-I-get-my-earnest-money-back-so-late-in-the-transaction/518058/ 2013-11-05T23:46:00Z