Posted by Bill H on February 06, 2006 at 13:28:54:
Whatever terms and agreement you and your partner agree on are strictly up to you.
We do not give legal advice, nor do we structure purchase and sale agreements…consult an attorney if you feel you need legal assistance.
Good Luck,
Bill H
who gets earnest money - Posted by Nikki
Posted by Nikki on February 04, 2006 at 11:16:02:
i am a first time home buyer. i was pre-approved for a home loan, after signing the purchase agreement. i had a home inspection done.
i told the real estate agent of things i wanted fixed. i am assuming the sellers fix these things.
then i recieve a call from the mortgage company, and they said i do not qualify for a loan after they ran another credit report other things popped up. i tried numerous other mortgage companies no one will qualify me because of a tax lein.
now my real estate agent tells me i can not get back my earnest money because the sellers fix all these things in the house, and they get the earnest money for there inconvience and for the house being off the market for 7 weeks. who gets the money when the mortgage company strung us all along.
Re: who gets earnest money - Posted by Natalie-VA
Posted by Natalie-VA on February 10, 2006 at 20:45:04:
Nikki,
Were you aware of this tax lien? Our local contracts say that if the buyer makes any misrepresentation or omission about their finances that results in the loan being denied, the buyer is in default. Check your contract and see if it has any similar wording.
–Natalie
Re: who gets earnest money - Posted by River City
Posted by River City on February 06, 2006 at 09:42:47:
Does your contract indicate that the sale is contingent on your obtaining a loan? If so, then you are entitled to a return of your earnest money. The sellers would more than likely had fixed the items from the inspection anyway, so they are not “out” any money due to repairing the property. They might be out money for the home being off the market for 7 weeks. I had one off the market for 3-4 months and it never closed, but I had to return the earnest money anyway. I would suggest telling the realtor that you are going to report them to the Board of Realtors in their area and I would also suggest filing a claim against them with the Better Business Bureau in your area…IF the contract was contingent on your obtaining financing. This can be done online.
You will need a letter of rejection from your mortgage company.
I find that realtors and mortgage companies use the term “pre-approved” very loosely. The should use the term “pre-qualified” instead. You are not “approved” until the mortgage company has run credit and verified all of the information you presented to them.
Good luck.
Re: Seek legal advice (nt) - Posted by Alexia
Posted by Alexia on February 06, 2006 at 01:10:24:
Dear Sirs
I have a problem, I have a real estate partnership in SFO. Now I want to sell to my partner my share. He is asking that I pay him the agent rate of 6% and the closing costs. Can he ask for it even if he has not intention os selling the property?
Many thanks for your reply
Alexia