Home Selling in Miami>Question Details

Latifa, Home Seller in Miami, FL

If a buyer flakes out 2 days before closing - she JUST realized that the house has units not central air -

Asked by Latifa, Miami, FL Tue Feb 26, 2008

what happens to her good faith deposit? Does the seller get to claim for it? It is in escrow and the title company has paid for the home inspection and survey.

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I believe that the buyer would lose the deposit. Unless there was blatant misrepresentation to the contrary, the HVAC sysetems in place are what they are.
1 vote Thank Flag Link Tue Feb 26, 2008
Hello Latifa,

It is possible the answer to your question is in the contract the buyer and seller agreed to. Review the contract to see what is expressed in relation to cancellation and return of earnest money. The contract should spell out remedies for default. The answer below are both part of the puzzle, however there are generally more details than what we have at hand. As indicated below an attorney can help guide you to the best course of action.
Web Reference: http://www.c21infinity.com
2 votes Thank Flag Link Tue Feb 26, 2008
Hi Latifa,

Forgive me for asking, but how can you miss the a/c units? Was the offer written, sight unseen?
Unless you have a really nice "seller" and there was some contingency in the contract, your buyer will more than likely lose her deposit.

Sorry.
Web Reference: http://www.PhilFowlr.com
1 vote Thank Flag Link Tue Feb 26, 2008
You would probably need to talk to an attorney to discuss the good faith deposit and how it is re-distributed. If the buyer got out because something legitimately wasn't disclosed that is material to the transaction you may have no claim. However, this is something that is questionable in your market.
1 vote Thank Flag Link Tue Feb 26, 2008
The inspection period is over tough luck to the buyer. How can they not see the units in the windows
Web Reference: http://www.mypbchomes.com
0 votes Thank Flag Link Tue Mar 11, 2008
Latif,
Any answer on this, without all of the details, is purely speculation.........On the surface, I'm sorry to say, it appears that critical information relative to the property was overlooked. The issue here is who should bear the burden.
I would like to think my customer would have been aware of such an important issue and it was my responsibility to do so........

Good luck,
The "Eckler Team"
Century 21 Almar & Associates
Venice, Fl 34285
0 votes Thank Flag Link Wed Feb 27, 2008
What was on the MLS sheet? And didn't she have a home inspection? That can get really sticky! I'd consult an experienced real estate attorney.
0 votes Thank Flag Link Tue Feb 26, 2008
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