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Started By
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Real Estate Earnest Money Question
Posted on 4/16/19 at 3:36 pm
Posted on 4/16/19 at 3:36 pm
(no message)
This post was edited on 11/8/20 at 6:08 am
2
Posted on 4/16/19 at 4:05 pm to Kraut Dawg
Do they have legitimate reasons for pushing the closing date back?
Posted on 4/16/19 at 4:09 pm to Epic Cajun
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This post was edited on 11/8/20 at 6:08 am
Posted on 4/16/19 at 4:14 pm to Kraut Dawg
So are they extending the closing date, or wanting it sooner?
Posted on 4/16/19 at 4:15 pm to Kraut Dawg
What you said in the 2 posts don’t make sense. They want to push the date back, but you won’t have anywhere to stay? Huh?
Wait I got it now, read the first post and thought it said something about pushing back
You might be the first person in history to bitch about a house selling too fast
Wait I got it now, read the first post and thought it said something about pushing back
You might be the first person in history to bitch about a house selling too fast
This post was edited on 4/16/19 at 4:18 pm
Posted on 4/16/19 at 4:19 pm to Epic Cajun
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This post was edited on 11/8/20 at 6:07 am
Posted on 4/16/19 at 4:23 pm to Kraut Dawg
So.
You've now agreed on a closing date but you haven't agreed on the fact that if they want to change the date again you won't let them? Is that right?
You've now agreed on a closing date but you haven't agreed on the fact that if they want to change the date again you won't let them? Is that right?
Posted on 4/16/19 at 4:27 pm to Kraut Dawg
Do you have backup offers on your house? If not, they have you by the balls
Posted on 4/16/19 at 4:30 pm to VABuckeye
(no message)
This post was edited on 11/8/20 at 6:07 am
Posted on 4/16/19 at 4:35 pm to Thib-a-doe Tiger
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This post was edited on 11/8/20 at 6:06 am
Posted on 4/16/19 at 8:15 pm to Kraut Dawg
They likely could back out and keep their deposit if they are still within the inspection period. Even though you know that it has to do with the date, they could back out saying they found something wrong with the house that they don’t feel comfortable with.
As a seller, there is no way I would let a sale fall through over the date of closing. Everyone thinks that bc they got one offer that another another one will come. I’ve seen plenty of times where the sellers house will sit on the market for months after the first one falls through.
As a seller, there is no way I would let a sale fall through over the date of closing. Everyone thinks that bc they got one offer that another another one will come. I’ve seen plenty of times where the sellers house will sit on the market for months after the first one falls through.
Posted on 4/16/19 at 8:35 pm to LSU1018
"As a seller, there is no way I would let a sale fall through over the date of closing. Everyone thinks that bc they got one offer that another another one will come. I’ve seen plenty of times where the sellers house will sit on the market for months after the first one falls through."
Yeah, I'm in agreement with this. Sounds like you are having second thoughts about even selling.
Just curious, who's holding the ernest money deposit?
Posted on 4/16/19 at 8:41 pm to ItzMe1972
Yep, sell it and move on
Posted on 4/17/19 at 12:10 am to ItzMe1972
(no message)
This post was edited on 11/8/20 at 6:06 am
Posted on 4/17/19 at 6:27 am to Kraut Dawg
You’re being unreasonable, imho. They still want the house, pick a date for the closing, and get on with your life. Simply because the dates have changed, you want to scrap the deal? You need to move out, so what difference does a week or two make? Pack up and go.
Posted on 4/17/19 at 7:10 am to Kraut Dawg
Like most legal questions that get asked on here (and I’m not a real estate lawyer), the answer is it depends. In this case, it depends on the language in the contract that you guys have entered into. Without having seen the contract, I think it is impossible to determine whether or not you can keep their earnest money. That being said, I don’t know real estate law well nor do I know what state you are in.
But the answer almost certainly depends on the contract terms.
Unlike others above, I will not opine on the wisdom or foolishness of walking away from this deal over what appears to me to be a relatively minor inconvenience. Good luck.
But the answer almost certainly depends on the contract terms.
Unlike others above, I will not opine on the wisdom or foolishness of walking away from this deal over what appears to me to be a relatively minor inconvenience. Good luck.
Posted on 4/17/19 at 10:20 am to dirtsandwich
(no message)
This post was edited on 11/8/20 at 6:05 am
Posted on 4/17/19 at 11:59 am to Kraut Dawg
quote:
My question is whether or not a buyer can repeatedly make changes & conditions to the deal after the due diligence period.
Depends entirely on the language in the contract.
Once you are past the DD period, typically that money is forfeit. In my experience, the buyers provide a check with the offer and if the offer is accepted, that money goes into an escrow account of some sort.
What I have heard about, but not experienced, is that in practice deals get backed out of or cancelled all the time and the money isn't usually worth the effort to fight over.
Are you using a Real Estate agent? If so, they should be able to answer all of these questions for you. That's what you're paying them for.
If you're not using an agent, you could contact a real estate lawyer and ask them for a flat fee contract review and advice.
Posted on 4/17/19 at 12:40 pm to Kraut Dawg
The problem with the three contracts is you've already made someone else second fiddle and they've probably moved on. You could try to go back to them but it's not a sure thing.
Posted on 4/18/19 at 12:34 am to VABuckeye
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This post was edited on 11/8/20 at 6:02 am
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