Posted by River City on January 21, 2005 at 07:09:28:
That’s good information, Natalie. I did not know that realtors were charged with that responsibility. Hopefully that is true in all states. It should be. Thanks.
Earnest Money - Posted by Aundrea George
Posted by Aundrea George on January 19, 2005 at 09:25:47:
Do I have the right as a Buyer to receive my earnest money back if my Mortgage Commitment letter stated that the loan was contingent upon the sale of my current home and the sale of my current home fell through?
Re: Earnest Money - Posted by Natalie Smith
Posted by Natalie Smith on January 20, 2005 at 10:13:20:
I would like to add to Tom’s response.
Did your contract have a contingency for your home sale? If not, you don’t deserve your money back, because that contingency should be disclosed in the contract.
Did an agent write your contract for you? If so, and the agent knew you had a home sale contingency and did not put it in the contract, then your agent should be reported to your state licensing authority.
In Virginia, our state rules and regs state that the agent must include the complete terms and conditions in any offer to purchase.
We are in an active seller’s market. Many agents choose not to disclose the home sale contingency in order for their offer to be competitive. This is a violation and they should be reported to the state licensing authority.
Nope - Posted by Tom-FL
Posted by Tom-FL on January 19, 2005 at 20:48:45:
Not unless your purchase contract was contingent on selling your old house or on getting financed for the new one.