Had a contract to sell home in SC the buyer has apparently walked away from the settlement on this coming Monday. Do they lose their earnest money? Does this come to me automatically or do I have to get a lawyer and sue for same?
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Had a contract to sell home in SC the buyer has apparently walked away from the settlement on this coming Monday. Do they lose their earnest money? Does this come to me automatically or do I have to get a lawyer and sue for same?
You are supposed to get it. Is it the deposit (often $500) or the down payment (3 to 20%)?
Who has it in escrow?
Did you do this sale without a lawyer?
By this coming Monday, do you mean tomorrow?
Were all parts of the agreement met? Inspection, loan, title search, and final walk through? The last 2 are done literally the day before closing, usually.
I once had a closing get delayed because the next to last lender had failed to release the lien. They couriered it to the closing (had the gall to try to make us pay for it).
Many questions..
Aside from releasing loan liens, there is a common cloud on titles involving death of a spouse who was on the deed but the deed was never probated.
THAT can delay a closing by 6 weeks or more!
I have a friend who had every right to keep all the earnest money, but it was a lot, and the buyers wanted it back... seems they had a mafia lawyer. My friend's lawyer begged him to let her give it back. So he did....
Legal stuff doesn't always move as smoothly as we hope.
No, everything was done with a lawyer. The only thing is the lender will not release the loan package because the wife has had second thoughts. Yes, tomorrow it was supposed to happen. The Husband and the grown kids want to go forward, wife says no.. Settlement has been canceled. Realtor is putting house back on active.
Second thoughts don't get earnest money back.
Force the issue and demand the earnest money, that is only fair for you. You could have lost other offers because the house was on MLS as "Under contract"
And what happens to the money is listed in the sales agreement that they signed with the Realtor. Normally it means you keep all money, if they back out. The Realtor should have the money in escrow account pending the closing, (not the lender) so the Realtor should release it to you.
Right now, I will have to see what is up today. The scheduled settlement was canceled and maybe there will be a change of heart and the deal will go through later this month, right now I don't know.Quote:
Originally Posted by Fr_Chuck
Update: Realtor just sent me a release from the contract and I am supposed to get the earnest money and the house is now actively back on the market. As soon as the buyers signs the same release.Quote:
Originally Posted by catonsville
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