Home Selling in 44133>Question Details

Kaye, Home Seller in 44133

Earnest Money failure to collect promissory note. Thanks for all the answers so far. The contracts were signed and a promissory note was attached

Asked by Kaye, 44133 Fri Feb 26, 2010

to the contract. Buyers agent met with client many times over 2 weeks. However, he never collected the money. We were in constant contact with the buyers agent asking to get the money. I received an email where he stated he was getting the money "tonight". The buyer then reneged on the deal 4 days before closing. This is when we discovered the agent did not have the money. He told us we will have to sue his client if we want the money.

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Are you sure that the promissory note isn't the EMD?
0 votes Thank Flag Link Sat Feb 27, 2010
Have you discussed the problem with your agent’s broker?

Your may need to consult an attorney to see if you have any cause of action against the agent.

Depending on the nature of your contract, it is possible that your agent violated ethical Realtor guidelines. Your agent may be subject to a complaint to the state real estate licensing authority.

It also may be that your agent is also a victim of the buyer who entered into a contract on which they could not perform.

What proof did you have that the buyer could pay cash?

Not enough details to know. Also, review of your contract and your complaint by your agent’s broker is a must. Again, you may be a candidate for legal advice.
0 votes Thank Flag Link Fri Feb 26, 2010
Addendum to my question. The deal was a cash deal and there were no stipulations on the contract.
0 votes Thank Flag Link Fri Feb 26, 2010
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