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Message
1
Posted on 3/29/25 at 12:18 pm to Skippy1013
quote:
If they are not selling it to you or anybody, taking it off of the market because they do not want to move or sell, you are probably out of luck.
They’re taking it off the market. Couldn’t find a good home in the area they were looking to move to in a different state. Probably need more time.
We contacted the real estate lawyer and there is nothing we can do because they didn’t sign.
Posted on 3/29/25 at 12:19 pm to Stidham8
The seller needs to return your earnest money and provide an equal amount as they decided to pull out. That's always been my understanding and the law backs that up:
Louisiana Civil Code Tit. VII, Art. 2624. Deposit, earnest money
Current as of January 01, 2023 | Updated by FindLaw Staff
A sum given by the buyer to the seller in connection with a contract to sell is regarded to be a deposit on account of the price, unless the parties have expressly provided otherwise.
If the parties stipulate that a sum given by the buyer to the seller is earnest money, either party may recede from the contract, but the buyer who chooses to recede must forfeit the earnest money, and the seller who so chooses must return the earnest money plus an equal amount.
When earnest money has been given and a party fails to perform for reasons other than a fortuitous event, that party will be regarded as receding from the contract.
--
How much earnest money did you put down? What is your RE Agent telling you?
Louisiana Civil Code Tit. VII, Art. 2624. Deposit, earnest money
Current as of January 01, 2023 | Updated by FindLaw Staff
A sum given by the buyer to the seller in connection with a contract to sell is regarded to be a deposit on account of the price, unless the parties have expressly provided otherwise.
If the parties stipulate that a sum given by the buyer to the seller is earnest money, either party may recede from the contract, but the buyer who chooses to recede must forfeit the earnest money, and the seller who so chooses must return the earnest money plus an equal amount.
When earnest money has been given and a party fails to perform for reasons other than a fortuitous event, that party will be regarded as receding from the contract.
--
How much earnest money did you put down? What is your RE Agent telling you?
Posted on 3/29/25 at 12:24 pm to Stidham8
Decent chance your contract was contingent on them closing on their new house, which fell through.
They definitely had a contingency written into the contract then. Your purchase wasn’t binding until signing the closing docs, which wouldn’t have happened until they closed on a new house.
You should be reimbursed for any money spent towards the purchase. Earnest money, inspection, etc.
quote:
They’re taking it off the market. Couldn’t find a good home in the area they were looking to move to in a different state. Probably need more time.
They definitely had a contingency written into the contract then. Your purchase wasn’t binding until signing the closing docs, which wouldn’t have happened until they closed on a new house.
You should be reimbursed for any money spent towards the purchase. Earnest money, inspection, etc.
This post was edited on 3/29/25 at 12:28 pm
Posted on 3/29/25 at 12:27 pm to FightinTigersDammit
quote:
Verbal contracts can be enforced under certain circumstances/jurisdictions. Maybe check into that.
Needs to check his jurisdiction for what is subject to statute of fraud (what has to be written to be a valid contract). Most times real estate transactions for sale have to be in writing.
Posted on 3/29/25 at 12:29 pm to 214
quote:
but that does not make the written contract enforceable
Right...it then possibly can move to a verbal agreement or some other form. If so, it was initiated when I ayment given and accepted. And I'm sure several texts, emails, or other..after that payment.
Not saying he's in good shape......but get the right judge/lawyer and you never know.
Wistful thinking for the guy, lol
Posted on 3/29/25 at 12:30 pm to BigAppleTiger
If you don’t have a signed contract, the seller can back out and return 100% of your earnest money. They have to. You are responsible for the inspection cost and it is not reimbursable by seller.
Either you don’t have an agent or they are inexperienced or just dumb. Signed contract with an option period is standard. You do inspection during option period in case you want to bail or further negotiate repair costs.
M
Based on your brief description, y’all in a bad spot.
Either you don’t have an agent or they are inexperienced or just dumb. Signed contract with an option period is standard. You do inspection during option period in case you want to bail or further negotiate repair costs.
M
Based on your brief description, y’all in a bad spot.
Posted on 3/29/25 at 12:39 pm to Stidham8
Who did you pay earnest money to?
If it is a title company/law office, the first thing they would request is a copy of the contract with the earnest money.
If it’s not with a 3rd party, and you paid the seller earnest money directly with no contract, then yikes.
If it is a title company/law office, the first thing they would request is a copy of the contract with the earnest money.
If it’s not with a 3rd party, and you paid the seller earnest money directly with no contract, then yikes.
Posted on 3/29/25 at 12:40 pm to Stidham8
Did they cash the earnest money check?
I would think the deposit of the earnest money is a contract acceptance.
I would think the deposit of the earnest money is a contract acceptance.
Posted on 3/29/25 at 12:58 pm to Tortious
I did mention jurisdictions.
Posted on 3/29/25 at 12:58 pm to Stidham8
quote:
The sellers are using a relocation company and we don't have their signatures on anything.
Do you have anyone's signature on anything?
If not, there is not an enforceable contract in place and most likely you are SOL. You should get your earnest money back though.
Posted on 3/29/25 at 1:01 pm to Stidham8
I think you are SOL, but I’m not expert.
You could probably pay a lawyers thousands of dollars to figure it out… but if they don’t sign the contract, it can’t see how it’s enforceable.
Verbal agreements are he said she said.
You could probably pay a lawyers thousands of dollars to figure it out… but if they don’t sign the contract, it can’t see how it’s enforceable.
Verbal agreements are he said she said.
Posted on 3/29/25 at 1:05 pm to Stidham8
quote:Then you don’t have a contract.
My wife and I had signed the contract. The sellers are using a relocation company and we don't have their signatures on anything.
quote:If your realtor didn’t advise you against having an inspection done on a house you don’t have under contract, fire your realtor and get one who knows what they are doing.
We had already paid earnest money on the house, have a closing date, and had the inspection performed.
quote:means nothing
They had a "Under contract" sign in their front yard that we have a photo of.
quote:On this house, yes.
Are we shite out of luck
This post was edited on 3/29/25 at 1:06 pm
Posted on 3/29/25 at 1:10 pm to MrWhipple
quote:Its not. The question there is who is holding it.
I would think the deposit of the earnest money is a contract acceptance.
When I write contracts regarding earnest money, it’s not required to be deposited until 48-72 hours after contract acceptance. At that point it’s put in escrow (we prefer our brokerage or the closing company hold).
If the other brokerage is holding it, request its return.
Posted on 3/29/25 at 1:12 pm to Tridentds
I would never pay for inspection until they sign
Your realtor fricked up and should pay you for that
Your realtor fricked up and should pay you for that
Posted on 3/29/25 at 1:16 pm to Stidham8
Your photo of “under contract”. Means nothing. You’ll be reimbursed, but you’re SOL on the house with no sellers signatures
Posted on 3/29/25 at 1:22 pm to BigAppleTiger
quote:Most buyers and sellers frankly are. Not their fault, it’s become a business that without competent assistance can be unnecessarily costly .
I would delicately say that you are out of your depth in dealing with the situation.
quote:Mostly no. As an agent, then broker I’m well aware of the incompetence level of at least 80% of the agents. The poor reputation of the profession at large has been well earned unfortunately.
And judging from your questions and the responses in this thread I would surmise the OT and its opinions on realtors is not the best place to garner experience.
quote:I would say so.
If you have a realtor they are the wrong one.
quote:Spot on. I’ve cleaned up many another agents mess over the years.
The good ones are quite worth it when you lack the knowledge to deal with it yourself. Any reputable realtor would not have allowed this situation to develop.
quote:Was good advice, should be listened to.
Feel free to disregard
Posted on 3/29/25 at 1:31 pm to Lake08
We are moving on. We learned our lesson. I won't trust anything again until we have a signed contract. Our realtor and the listing realtor were blindsided by this "Relocation company" not having a signed contract right away from the sellers. Sounds like the sellers were mulling it over during the week while we were signing addendums on the relocation company contract and they decided to not sell.
The listing realtor and our realtor work in the same office and also were blindsided. They're mad too.
Nothing we can do about it other than receive or earnest money and inspection fees back.
The listing realtor and our realtor work in the same office and also were blindsided. They're mad too.
Nothing we can do about it other than receive or earnest money and inspection fees back.
This post was edited on 3/29/25 at 1:34 pm
Posted on 3/29/25 at 1:36 pm to llfshoals
quote:
quote:
I would think the deposit of the earnest money is a contract acceptance.
Its not. The question there is who is holding it.
When I write contracts regarding earnest money, it’s not required to be deposited until 48-72 hours after contract acceptance. At that point it’s put in escrow (we prefer our brokerage or the closing company hold).
If the other brokerage is holding it, request its return.
The real estate office is holding it. They are reimbursing it to us. We are also getting our inspection fee back from the sellers.
The sellers said we'll be the "first one's they call" if they decide to put it back on the market.
Posted on 3/29/25 at 1:45 pm to Stidham8
quote:Nice sellers, they really don’t have to.
We are also getting our inspection fee back from the sellers.
quote:IMO, move on. If you don’t, absolutely don’t send the same contract back to get signed this time.
The sellers said we'll be the "first one's they call" if they decide to put it back on the market.
As said in draft day “we live in a different world than we did 30 seconds ago”. You’re in a stronger negotiating position.
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