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hmyoung22, Home Buyer in Tuttle, OK

Can I get my earnest money back? I haven't signed the counter

Asked by hmyoung22, Tuttle, OK Tue Mar 26, 2013

I signed a contingency offer on a house (contingent upon mine selling) and gave the realtor an earnest money check. The sellers counter offered and are sending the counter offer now (they are out of town) but we just learn my husband's job may be transferring...I haven't signed the counter offer yet, can I still get my earnest money back??

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If both parties haven't agreed then you do NOT have an agreement. Did you verbally agree to a counteroffer? If you do not have an agreement, then YES. Yes, based on what you've stated here, you should receive your earnest money back. The earnest money shouldn't have been deposited yet, not until you have reached an agreement. Your Realtor should still have your earnest money. What has she said to you about the situation? Good Luck and if you don't have a Realtor, we can help.
0 votes Thank Flag Link Wed Mar 27, 2013
Yes. Until you have both signed the counter, you do not have a signed contract. Your Realtor holds your earnest money check until a contract is accepted, then gives the earnest money check to the listing Realtor or title co, whichever was specified in the contract. As long as you don't sign the counter, you are not in a binding deal and your earnest money is still yours.
0 votes Thank Flag Link Tue Mar 26, 2013
Your "Earnest Check" should be with the Realtor representing you.
As no executed contract exists because the seller countered your offer, then the check should be in your Realtor's possession. It should only get deposited by your "Buyers" Broker once the contract is agreed and signed off by both parties to the transaction.
This should not be an issue for your Realtor.
Web Reference: http://www.janetford.com
0 votes Thank Flag Link Tue Mar 26, 2013
You need to go over this with your Realtor, they are your go to person when working a contract.
0 votes Thank Flag Link Tue Mar 26, 2013
Normally, the Deposit check is not cashed until and unless the Contract is signed.
You may have to submit a CANCELLATION and a REQUEST FOR DEPOSIT.
0 votes Thank Flag Link Tue Mar 26, 2013
From my understanding, since the offer was never accepted, you do not have a formal contract. It might get messy with some choice words, but legally if you do not have money exchanged and a fully executed contract then you are in the clear. If you need further clarification, I would suggest you consult with an attorney.
0 votes Thank Flag Link Tue Mar 26, 2013
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