I suggest you first check your lease termination clause to see if there is a way out, then sit down with the Landlord, explain your situation and see if an exception can be made. Perhaps you will be granted an early termination.
Feel free to contact me to strategize your best options... more
Stacey, I believe I'm 100% right here in saying that the contract was never valid if the EMD bounced. You have to be given something of value in consideration, and nothing of value was given. If this is the case you should be able to put the property back on the market (it never should have come off). EMD is part of the contract, and it the amount stated isn't given it's not valid. I've seen this happen lots over the years at my office, and every time the offer is tossed away because it isn't valid.
If a seller doesn't want to clear the title, doesn't the contract state that the seller will deliver a clear and equitable title at closing? If you are at all capable or have equity to clear the judgements at closing, this situation could get bad fast and (although I hate it) I would get an attorney ASAP.
Hopefully the EMD bouncing was a blessing in disguise for you. Going after it will be a problem, not once have I seen a seller successfully get an EMD that bounced. Because it bounced, there was never a valid contract so there was nothing to pursue.... more
A contract needs two things to valid, an offer and consideration. You have an offer but your buyer did not provide the consideration, which is the earnest money deposit funds. So, you don't have a pending contract because you don't have an valid contract. This is the fundamental. I agree with Jay. If you are indeed an agent, then ask your broker for assistance. If you aren't an agent....consider hiring one.
Thanks for your replies! I am seller agent, and also part of sellers. I want put it back to market. I know I need fill release form. But I also want file suit for the EMD. Can I get property released?
Thank you in advance.... more