what to do, Realtor won't release earnest money - Posted by luke-NC

Posted by PR on June 28, 2003 at 10:29:44:

You can file a complaint with Real Estate Commission and Board of Realtors in your state but I would first talk to the broker

what to do, Realtor won’t release earnest money - Posted by luke-NC

Posted by luke-NC on June 28, 2003 at 07:33:07:

Put down $5,000 e.m. on a contract to purchase a home with the intent of doing a double close. Also put a clause in the contract stating that the home must appraise for at least $400k (in order to make my double close work) or the earnest money would be refunded.

Appraisal comes in at $355k, so I fax in a term. of contract form. Call Realtor to acknowledge she recieved it. She did.

That was 2 weeks ago. Now, realtor says the seller is in the hospital and he can’t decide on whether to return the money.

My attorney says file an affidavit and memorandum, and record that with the sales contract and I should be fine.

Anyone had this issue?

Another lesson for next time: - Posted by Nate(DC)

Posted by Nate(DC) on June 28, 2003 at 23:56:23:

learn your values better!


Re: Realtor won’t release earnest money - Posted by Brent_IL

Posted by Brent_IL on June 28, 2003 at 21:26:28:

Who is holding the money? If it’s in the RE broker’s escrow account, the seller’s condition is superfluous. Tell her that her choice is either her check in your hand or your complaint to the state. Many REALTORS® wait as long as they can to return the escrow deposits of deals that have fallen through, so their collected balances are higher. Make some noise.

If you allowed the seller to hold the cash, you’ll have to wait as punishment for not doing it correctly. Another “seminar” payment.