Where in the heck did your Realtor go that represented you in this purchase?
If you aren't' working with a realtor, then I would suggest you read the paperwork you signed when you agreed in writing to purchase the home.
As your realtor, I would cancel the contract in writing. I would also have disclosed to you if the earnest money was non-refundable and just who was holding the em, the bank or a neutral 3rd party (as is customary).
Don't go in blind next time and for god sakes work with someone who will provide answers for you "before" you sign, not excuses afterward.
Best of Luck,
Signature Realty Group
1) If you had a buyer's agent represent you on this home, then you should be asking him or her this question. If you are working with the same agent that listed the home, then he or she should be able to answer the question too.
Part of the challenge a REALTORÂ® faces with REO or Bank Owned homes today is that we are playing by a different set of rules for each property. When we us the standard forms issued by our governing boards, we all learn the contract, addendum, and paperwork for buying/selling a home. When we deal with REO or Bank Owned our paperwork is often overridden by the Bank's paperwork. This means when I am working with a buyer I often have to spend an additional 2 to 3 hours going over the paperwork, asking my broker questions, asking our legal department questions, interrupting the results, thinking about different possible future scenarios and THEN explaining to my client in plain common terms what they are signing. Even though it is written, I often verbally have to tell my client to consult legal advice for some bank owned properties.
If you have a lazy agent who just says "sign this", they are not doing their due diligence and is doing a homebuyer injustice.
WHY DID YOU NO LONGER WANT THE HOUSE?