Home Buying in Wisconsin>Question Details

Kvz0314, Home Buyer in Des Plaines, IL

Earnest Money cashed after agreement of both parties. 2 weeks later we get "bumped". What grounds do we have to get the home or the?

Asked by Kvz0314, Des Plaines, IL Tue Oct 12, 2010

retainer back? How it works out is after a few back and forths of offers and counters and agreed upon amount was accepted and confirmed with contract. Earnest money was sent in and cashed withing 24 hours of the check being written. 2 weeks have since passed and the closing date was set for the 16th of october. We call the realesate agent about an issue only to find out that our agreed upon cash sale had been "bumped" for another buyer who came in higher a week after ours was accepted. However theirs is based on a bank loan they have not yet been aproved for (or so we have been told by the agent). He then tells not to pull the earnest money back beacuse we still have a chance at the home sale. Its starting to seem like were getting the run around from the agency. In addition to the sale was contingent for the sellers to sell by oct 16th so they could close on their new home on the 21st. However based on the time frame of the home insepction its not possible to get it done in 4 days. need advice plz

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There are some irregularities with your story; it could be a misunderstanding. It does not sound like you got bumped. It appears that you never had a binding agreement since your were not given the chance to clear the bump. You can not be bumped unless you are given the chance to clear whatever it was that you are being bumped for, i.e. sale of home, financing, proof of funds, home inspection...

You may have been subsequently accepted as a secondary offer to the primary, but you would have to agree to that position also, so you would know this if it happened.

If you do not have an accepted offer, then WI requires that your earnest money be returned to your as soon as it clears the bank.

I am quite sure that you feel like you are getting the "run around", but I believe that only you and change this perception with good questions directed at your agent. Trust that your agent will be forthright and honest....I certainly do.
0 votes Thank Flag Link Sun Oct 17, 2010
Without knowing the contents of your contract--At this point, your best source of advice is an attorney who specializes in real estste--have all related documentation reviewed and see exactly what options you may have--consider a consultation sooner rather than later.
0 votes Thank Flag Link Tue Oct 12, 2010
I'm a CA licensed RE Broker and don't know the laws in IL. But, if they accepted your contract I don't see how they could go with another buyer. Is this a short sale subject to lender approval? Is your contract subject to a contingency? If not, I would contact escrow/attorney and ask them if they have opened another escrow. I would then call the listing agent and tell him you are going to contact an attorney...
Please remember I am not licensed in your state, and so, don't know the laws there. You may want to start with a local agent 1st...
Good luck..
0 votes Thank Flag Link Tue Oct 12, 2010
Contact your attorney ASAP- without reviewing your sales contract and knowing your exact laws written for your state this is a difficult question to answer accurately and honestly. Sometimes a simple phone call from an attorney threatening legal performance will remedy this situation quickly. But it all depends on what your terms of sale actually are. Good Luck
0 votes Thank Flag Link Tue Oct 12, 2010
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