I had an offer on my house where the individual put down ernest money. He didn’t get the loan. What if I don’t release him from the contract? I’m just curious is all.
Do it, keep the money change your identity and leave the country! Karma won’t get you! Don’t worry!
What if I don’t release someone from my realestate contract?
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Do it, keep the money change your identity and leave the country! Karma won’t get you! Don’t worry!
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That should be spelled out in the contract. Typically the sale is contingent on financing being acquired. If the loan fell through the buyer is due his earnest money deposit back unless the contract states otherwise.
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Is he being represented by an agent?
Was there a Option period?
Did he provide you with a termination letter due to loan denial.
Is this for sale by owner?
Contact an attorney to review your contract and addendums.
http://www.har.com/buybroker
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Trec
Your contract probably had a financing contingency in it so you have no choice. You may be able to keep the earnest money but that also depends on the contract. I would suggest you ask you realtor
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You’ll have to read the contract language. Was the contract contingent on financing for a period of time? If it was written by a decent Realtor it should have been submitted as a refundable deposit contingent on financing. If your ratified contract states this you must give it back, if you countered the offer with any different terms you look there. The answer is in the contract language. If there is no contingency it is a binding contract and you could try to hold the buyer accountable but if they can’t afford it they can’t afford it. I would file a complaint with the Broker if this is the case, your selling agent should pre-quailfy all offers to avoid this situation.
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Custom builder, lots of contract experience.
How the earnest money is dispersed should be outlined in your purchase contract. In my area, if earnest money is not refunded, it is typically split 50/50 between the seller and the brokerage.
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Oregon Realtor