Home Buying in Trinidad>Question Details

Wanda Alexan…, Home Buyer in Texas

I put up $1000 earnest money on a cabin in Colorado,and since it was in a very rural area with no

Asked by Wanda Alexander, Texas Tue Mar 18, 2008

electric,etc,we couldn't get a conventiona loan, so we decided to get a cash out from our mobile home with land we owned and it took months. Two to 3 days before the money was to be transferred to the title comany,since we signed another contract,and the realotr sent it to the sellers, instead of staying with our original deal, they wanted $3,000 more. So since we had been trying for 4 months to get this loan, then they did us that way,we decided not to buy that place, Now the realtor tried to get them to sign a release,they refuse to sign it so we can get our money back. What can we do, they really did us so wrong. Thanks

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What a mess. It is difficult enough not to get the property but then to have to dispute earnest money it just makes it oh so much worse.

Without seeing the contract and knowing the facts it is impossible to determine who is in default and/or if the agent dropped the ball.

You are going to have to get an attorney. The contract in CO provides for mediation first. Hopefully, that is as far as it will go and you will be able to recoup some of the loss.

Has the agent (I'm assuming there is one based on your question) offered any resolution? You might try one more time and see if the agent can help produce results.

Don't give and good luck finding a place to buy in CO when this mess passes.

Susan Walker
0 votes Thank Flag Link Wed Mar 19, 2008
Wanda, did you continue signing extensions in regards to the closing date on the original purchase agreement? If so I am not sure how they would be able to raise the selling price by $3,000. However, it sounds like perhaps you let the first contract go and then when you were ready you signed a new purchase agreement.

It really sounds like you need to have a conversation with a real estate attorney. I would guess the reason the sellers feel that they deserve your $1,000 is because they had to wait so long. Was your purchase agreement contingent on financing? If so when you were not able to get the conventional loan, I am not sure why the funds were not released back then. However, you are in a different state so perhaps it is done differently there.

Yes. My best advice is talk to your buyers agent, the broker and a real estate attorney.

I hope this information helps! Best Wishes!
Web Reference: http://www.gomelinda.com/
0 votes Thank Flag Link Tue Mar 18, 2008
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