UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next
Author: JDOyster Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127262  
Subject: Re: Protecting Earnest Money Date: 1/28/2002 10:44 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 2
The sellers counter offered, offering to fix the issues themselves and let us have another inspection.

IIRC, there was a lot of home-grown electrical wiring done and it was unsafe...I think you are justified in insisting upon a licensed electrician doing the repairs.

What happens if they refuse to sign the release? Can they say that they were willing to work through all of the inspection isssues, but unable to move the date and keep the earnest money?

This depends on what the contract actually says.

The most common inspection contingency says that the deal is contingent upon the buyer obtaining a satisfactory (to the buyer) inspection report, and if that does not occur, the seller has to return the earnest money. But your contract might read differently.

However, if they want to move quickly and have another offer, I bet they don't want to delay things by haggling over your earnest money.

Can we just refuse to sign anything, therefore not coming to an agreement within the five days, and walk?

Again, it depends on what is actually in your contract. But to be safe, I think you need to do all of this in writing.

If we approach them in this way is there any chance that we would forfiet the earnest money.

All together now..."it depends on what is in your contract." However, if you can't agree on the disposition of the earnest money, you'll probably end up in court. But, as I say, if they have another seller, the last thing they want is a pending lawsuit.

Good Luck,
JDOyster
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next

Announcements

Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
Post of the Day:
Macro Economics

The Future, or What's Left of It
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement