Earnest money ???

[WallsGa]

We are in the process of buying a home. Inspection done. Issues found. Needed chimney inspection done. More issues found. Seller is refusing to address any issues. Can I get my earnest money back or is it gonzo?

 

[Control for Smilers]

We are in the process of buying a home. Inspection done. Issues found. Needed chimney inspection done. More issues found. Seller is refusing to address any issues. Can I get my earnest money back or is it gonzo?

is your contract pending inspection?

 

[Control for Smilers]

This happened to me when I was buying my home. we found a spot we liked a lot. had a lot of mold in the crawlspace that was discovered after an offer was made. offer was pending inspection. we walked and lost what we paid for the inspection...but got the earnest $$$ back. Ended up using the same inspector for the home we DID buy. he gave us a discount for the 2fer.

So if your contract is pending inspection...YES, get that cash back. and use the same inspector on the next home you offer on.

 

[BRETTBELK]

When is your due diligence period over?

 

[basstracker89]

Depending on contract, yes

 

[Spas-12 Owner]

Depending on contract, yes

This, 100%.

I'm under a contract currently myself, where if I backed out now, I'd loose my EM.

I'm also under another contract as the seller and if the buyer backed out now, they would get there EM back.

110% depends on the contract and how it was written up.

 

[medium187mph]

I always enter agreements with a 20 day DDI, 2-5k EM, and 30 day cash close.

If I find any issues on or before my 20 days and the seller refuses to amend… I terminate immediately and file for my refund of EM.

On the resale side, I try to control the DDI period to no more than 10 days but I also rectify or work with the buyers if it’s SAFETY or structural related.

 

[JSoko]

if you are still in the due diligence period
and can not come to terms
you can get you money back
Source: my Wife real estate agent