Home Buying in 20785>Question Details

Tcb, Home Buyer in 20785

We put a contract on a home, but our financing was denied. We have been trying for 3 years to get our earnest money deposit back from the broker.

Asked by Tcb, 20785 Thu Mar 10, 2011

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Akil Walker’s answer

i am sorry to hear of this situation. Did your agent and the broker ever explain to you why you did not receive your EMD (Earnest Money Deposit) back? I would suggest you speak to the broker about this. if you are unsatisfied with the answer consult with some legal counsel but i would put everything in writing.

Good luc
0 votes Thank Flag Link Mon Mar 14, 2011
If the broker is not being responsive and you feel you contractually should have gotten your money back then you may want to file a complaint with the State Real Estate Commissioner's office. The commissioner has the authority to suspend the brokers license, impose fines and take corrective actions on behalf of consumers.

Good luck,

Sandy Farmer
Realtor, GRI, CSSN
John Hall & Associates
0 votes Thank Flag Link Thu Mar 10, 2011
At this point it may be in your best interest to consult with an attorney who specializes in real estate, he/she can best advise...
0 votes Thank Flag Link Thu Mar 10, 2011
I would encourage you to speak with an attorney regarding filing suit to get your earnest money back. Many states mandate that a Real Estate Brokerage needs to turn disputed earnest money funds over to a third party or arbitrator if there is no resolution for the distribution of earnest money funds. I am surprised that if you were denied on your mortgage and had a mortgage committment clause in your real estate contract you did not get your earnest money back.

Did the Seller eventually sell the home to someone else? You should speak with an attorney, since you may have a financial interest in the property, because the Seller (& or) Broker are still holding on to your earnest money..which is still in dispute.

Best of luck,

David Jaffe-SRES, CDPE
Realtor-Coldwell Banker
0 votes Thank Flag Link Thu Mar 10, 2011
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