Home Buying in Jacksonville>Question Details

Jagnew88, Home Buyer in Jacksonville, FL

Can we walk and still get our earnest money back?

Asked by Jagnew88, Jacksonville, FL Mon Jul 9, 2012

For some reason we thought buying our first house would be exciting. It's been horrible ): My husband and I. 24 & 22 searched for houses all over the city and surrounding areas. We have found 1 house we wanted and lost in a bidding war. We live in Jacksonville, Florida and our main request was we wanted a yard and space from our neighbors. We currently rent in a cookie cutter sub-division where you can high five your neighbors if you are leaning out a window. We found a house that we both hate but has a yard. We gave our earnest money and made our bid. They accepted and we began the process. After telling my husband I hate that house he said he did too. The appraisal in our opinion didn't go so well so we decided to walk. Now the selling agent & our agent are saying we can't get our money back. Is there a way? They said our reasons, one being the water wasn't turned on for appraisal wasn't good enough. What do I do to get this money back?

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Answers

8
Hi Jag,

In your case I recommend you contact the Florida Real Estate Commission (FREC) and tell them you have a "binder dispute" but before you do meet with your agent's BROKER. If your agent is the broker (owner of the company) tell him/her you want you binder back or you will got to FREC. This usually gets their attention.

Good Luck


J.D. "Dan" Weisenburger, GRI
Broker-Associate
Coldwell Banker Vanguard Realty
(904) 553-0079
danw@vanguardcb.com
0 votes Thank Flag Link Tue Jul 24, 2012
Hi J, How's it going? Shoot a mail my way when you have a minute. Talk soon.

John
johnbreen@bellsouth.net
0 votes Thank Flag Link Wed Jul 11, 2012
It depends on the purchase and sale agreement wording. As a general rule, unless you are unable to get financing (and the contract was written with a financing contingency), or the house doesn't appraise at or above the sale price, or you have a home inspection contingency (and the contract was written that the inspection had to be satisfactory based on the buyers sole discretion), then you cannot walk away from the deal without forfeiting your binder money. The whole point of placing a binder deposit on a property is that you are making a commitment to the seller that if they take the property off the market, then you are serious and your intention is to purchase it. Otherwise, nothing would hold people to the contracts they sign.
0 votes Thank Flag Link Wed Jul 11, 2012
Sounds like the realtors are working with you to close the deal.

Remember, these realtors are not paid by the hour, and if you add up all the time and effort they have invested in helping you purchase this home 90k home, it's likely to ffar exceed the what this deal is worth to them.

Be understanding about the realtors efforts as they have bills to pay and families to feed too.
0 votes Thank Flag Link Mon Jul 9, 2012
The sales price was $89,900 and it's a Foreclosure in Middleburg. The seller has come back and offered a warranty (half paid by her and the other half paid by our agent) for any type of problems that may arise. Something about they can have it done with our home owners insurance. I contacted our State Farm agent and she said she has no idea what they are talking about. She did say that it may possibly happen but she has never seen or heard of this. She has been selling insurance for 19 years. The earnest deposit was $1000
0 votes Thank Flag Link Mon Jul 9, 2012
Hi Jag, When you have 5 minutes give me a call at 904 349 0082 to discuss. Sry this experience hasn't been a good one for ya'll. Talk soon.

John
0 votes Thank Flag Link Mon Jul 9, 2012
3 quick questions:

What was the sales price?

Was it a Short Sale?

How much eanest money?
0 votes Thank Flag Link Mon Jul 9, 2012
The answer to your question depends on what is written in the Purchase and Sale Agreement. You are asking for legal advice which only an attorney can provide. I recommend that you contact a local real estate attorney as soon as possible.
0 votes Thank Flag Link Mon Jul 9, 2012
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