Home Buying in Indianapolis>Question Details

Bulldog, Home Buyer in Indianapolis, IN

can we get our earnest money back if the sellers opt not to address biological groth in the ac unit?

Asked by Bulldog, Indianapolis, IN Thu Jun 14, 2012

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Ahhhh.... the old "Buyer's Agents are free" canard rears its ugly head again.

This would only be true if the Buyer's Agent didn't pick up a commission check at closing. I presume that most Buyer's Brokers don't perform their duties as a charitable contribution. One must assume that the Buyer's Broker's firm got a split of the commissions on the deals where that Agent performed duties.

Those commissions were paid for from funds provided to the Seller by the Buyer. If that Agent got a check, then the services we not "free." Suggesting that they were free is disingenuous at best.

I think the most accurate statement is that the Buyer nearly always pays all the fees in a transaction, including the commissions of both the Listing and Buyer's Agent. It's the Buyer who borrows the money (or pays cash) to fund the entire deal, and part of that agreement includes paying the Listing Broker who might then unilaterally agree to split some portion of that to cooperating Buyer's Brokers.

An exception might be when the Seller is in a negative equity situation and either has to fund the remainder of the deal out-of-pocket or negotiate a short sale with his/her lender. Even in those instances, the only way a deal got done was because a Buyer borrowed the money (or paid cash) to make it happen.

Buyer's Borkers aren't free. And very few of us - myself included - are attorneys. Specific contractual questions that divert into legal advice territory are best answered by those licensed to practice law.
1 vote Thank Flag Link Sun Jun 17, 2012
I just had to jump in after reading Kimberly's attack on you! You said everything clearly, correctly and professionally........some of these agents online make me wince!
You're not one of them! Have a great day!
Flag Sun Jun 17, 2012
Bulldog:

Based on your prior comment to Ms. Walsh, it's my belief that the outcome of this deal will rest on the timeframes represented in the Inspection Responses.

I recommend having a chat with an attorney. Good luck!

Joe Shoemaker
Principal Broker, REALTOR®
MacDuff Realty Group, LLC
317 413.8501
joe@joeshoe.com
http://www.facebook.com/joeshoe
http://twitter.com/#!/jojosmojo
1 vote Thank Flag Link Sun Jun 17, 2012
Bulldog:

First, let me apologize in behalf of my entire profession for the "shame on you" remark from my peer. You needn't be ashamed of anything you've done or asked.

Second, the answer is "it depends." It depends on your inspection contingency time frame and terms. Your agent should be able to answer the question specifically. If you'd like an attorney's opinion on the matter, I'd be glad to provide you a referral for someone whom I trust. It will cost you an hour of their time, but may well be worth it.

Good luck!

Joe Shoemaker
Principal Broker, REALTOR®
MacDuff Realty Group, LLC
317 413.8501
joe@joeshoe.com
http://www.facebook.com/joeshoe
http://twitter.com/#!/jojosmojo
1 vote Thank Flag Link Thu Jun 14, 2012
You needn't apologize for me Mr. Shoemaker!
I firmly believe this gentleman should have utilized an agent. Also, shame on you for offering legal advice when you are clearly NOT a real estate attorney.
Flag Thu Jun 14, 2012
It will depend on where in the time frame of the contract you are. If you are in the inspection or due diligence period and you have requested the owner to fix or deal with something found on the inspection and the owner says no, then you should be able to terminate the contract and get the earnest money back. If outside of the inspection period it will be more difficult, your Realtor should be able to advise you.
1 vote Thank Flag Link Thu Jun 14, 2012
Assuming you are referring to the results of a licensed independent inspection, and the inspector identified the mold growth as "major" - then yes, if the seller refuses to address it. But you must ask the seller to fix it, and he/she has to refuse.
1 vote Thank Flag Link Thu Jun 14, 2012
I wasn't going to , but I just had to jump in, add my 2 cents........ and give a big thumbs up to Joe..........

I agree with you totally, Joe, with everything you said!

And, nowhere did Joe solicit business from the poster.

He offered to give the poster the name of an ATTORNEY.



Why does any agent think it enhances their image online to chastise a consumer for asking a question, or exercising their right to use an agent, or not use an agent??

It's one thing to be straightforward....quite another to be rude
0 votes Thank Flag Link Sun Jun 17, 2012
maybe we should all apologize for Mr. Shoemaker's egomania. Bulldog, I firmly believe that buyer's can alleviate a great deal of problem and certainly make a transaction go much smoother if they utilize the expertise of a Realtor. It costs the buyer nothing and it can save you a great deal of anxiety in the long run. the issue you are having right now could potentially have been alleviated by utilizing an expert in the field. Though some my feel my words are harsh, I DON'T apologize for them and I resent the fact that Mr. Shoemaker felt I needed representation in this matter. This is exactly the reason why so many people don't trust Realtors. They aren't straightforward with people and, as you can see by Mr. Shoemaker's response, he is attempting to get you to contact him directly. I give honest answers and don't solicit business.
0 votes Thank Flag Link Thu Jun 14, 2012
"I give honest answers and don't solicit business." Really, Ms. Walsh? A quick glance at your Trulia Q&A history suggests otherwise. Referrals and solicitations of business both appear in your responses, along with the "shame on you" response.

"Also, shame on you if you have entered into this contract without the assistance of a Realtor." - Tue May 29, 2012

"you should contact a reputable mortgage lender. i refer people to S**** S******* at S******** Mortgage." - Mon Apr 30, 2012

"Should you need help please feel free to contact me. You can visit my website at http://www.************.com/kim.walsh" - Thu Apr 12, 2012

"If you email me I can also give you the details on a FREE First Time Homebuyer Seminar coming up that will answer lots of questions..." - Sun Feb 5, 2012

"If this is the type of home you are searching for, you are welcome to contact me for assistance." - Tue Jan 24, 2012

I would love to assist you. you can contact me at k****@****.com - Mon Dec 12, 201
Flag Sun Jun 17, 2012
We do/did have an agent. We had the inspection completed and as a result we asked the sellers to fix/repair some of the issues with the home. They came back leaving out the biological growth. We decided to walk away and afterwards they said they would do. Sorry but we decided to walk based on their response so now they want our money. Is this legal???
Flag Thu Jun 14, 2012
First of all, it depends on how your purchase agreement was written. This is a question you should be asking your Realtor, or, preferably a Real Estate attorney. If you didn't use a Realtor, shame on you. NEVER assume that you can automatically get your earnest money back...no matter what the situation.
0 votes Thank Flag Link Thu Jun 14, 2012
Easrnst $ all parties mutually agree in writing to disposition, small claims court or 45 day certified letter per Real Estate License Law depends upon whose holding $
0 votes Thank Flag Link Thu Jun 14, 2012
...one more thing: the property must not have been sold "as is".
0 votes Thank Flag Link Thu Jun 14, 2012
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