Home Buying in Portsmouth>Question Details

Maria Tabor, Home Buyer in Portsmouth, VA

Can I get my earnst money back after a contract expires and house fails finial expection?

Asked by Maria Tabor, Portsmouth, VA Mon May 20, 2013

I was in a contract on a house and the contract expired. I did not sign the last contingency that was drafted up. The house also failed finial inspection from my inspector. Can I get my earnst money back. Let me let you all on a little secret, the seller is a real piece of work!

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Chances are yes, but it depends on who the contract is written. If you are using an agent with a standard contract and a company is holding you deposit it should be a matter of paper work. If the seller wrote the contract or is holding your deposit, it can be much more difficult - you may need a real estate lawyer to push the issue.
0 votes Thank Flag Link Fri Aug 2, 2013
This is a question for your Realtor® and possibly an attorney. No one here is a party to your contract and does not know the terms and conditions.
0 votes Thank Flag Link Mon May 20, 2013
Maria, I live and work in Portsmouth. Please give me a call at 403-5401. Thanks Bob
0 votes Thank Flag Link Mon May 20, 2013
What does your contract say about the return of earnest money? The fact that it expired isn't nearly as important as the question of did you terminate properly and give notification per the contract terms.

You really should be speaking to your buyer broker (i trust you had one, and if you did not I hope you'll have realized one of the many reasons you should and won't repeat this mistake). If you don't have one I'd contact an attorney to have them explain the contract terms to you. As long as you terminated properly and gave proper written notification to the seller in a timely manner than you should be entitled to receive your earnest money deposit back.
0 votes Thank Flag Link Mon May 20, 2013
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