Home Buying in 55429>Question Details

Mai See, Home Buyer in 55429

Can I still get my earnest money back?

Asked by Mai See, 55429 Sun Jun 14, 2009

Hi, I recently put in an offer on a home and my offer was accpeted on 5-26-09. However, after driving by the
location several times I realize that the area is not a good area. It's very busy location. I sent in my earnest check per my agents advice but have not signed any paperwork to finalize the purchase before closing and haven't done the inspection yet. I was wondering if legally I would still get my earnest money back? It was 2,500.00 which is a lot of money. Please help thanks!!

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Work with your agent to cancel the agreement and get your earnest money back if you do not wish to purchase this property. Be fair to yourself, the sellers, the agents involved and the house - these homes need owners who will love them! Liz 612-986-4105
0 votes Thank Flag Link Mon Jun 15, 2009
I'm confused on the issue of how you haven't signed the paper work to "finalize" the purchase. You may mean you have not closed. If that's the case, I don't think you'd be writing in. A house isn't like a toaster that you can return if you decide you don't like it. However, if you've signed the purchase agreement, and most likely you have since the buyer is the one who signs everything first, you have made a commitment to purchase the house. In the MN purchase agreements, one of the instances that provides for you to get your earnest money back is if you decide you want to cancel as a result of your inspection.

And, I'm confused about why you are writing to us and not talking about this VERY important issue with your agent?????? Please consult your agent on this matter. It's vital that you have an open communication with your agent. If you don't, that's a problem.
0 votes Thank Flag Link Mon Jun 15, 2009
Interesting question. I would lead off by saying you really need to work with your agent to get your question answered. If this is not the right home, they can help you find the right home for you.

If you have "sent in your earnest money", whom did you send it to?

If you haven't signed the purchase agreement contract yet, it doesn't sound like you're in a binding purchase agreement so if that's the case, I don't believe your earnest money should have been cashed or deposited yet. So, you'll just have to request your earnest money check back or stop payment on it.

If you've signed and the seller has also signed and returned the signed PA to you, you need to find out from your agent what the timeline is to cancel your PA and get your earnest money back (i.e., when the inspection period ends). If you need to cancel then it will have to be in writing.

If you've signed but the sellers have not yet signed, you'll need to sign something saying you rescind your offer.
Web Reference: http://TheHoemTeam.com
0 votes Thank Flag Link Sun Jun 14, 2009
I would ask your agent who should be familiar with your contract if you are still within the inspection timeline, if you are you should be able to get your earnest money back no problem.
Web Reference: http://www.lennyfrolov.com
0 votes Thank Flag Link Sun Jun 14, 2009
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