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01748 : Real Estate Advice

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  • Home Buying13
  • Home Selling3
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Activity 22
Pat & Steve…, Real Estate Pro in Westlake, OH
Mon Mar 1, 2010
Pat & Steve Pribisko answered:
I am a Realtor & an Attorney (30 yrs), licensed for both only in OH & you're not my client. So, anything I write is my personal opinion. This type of issue happens & what recourse you may have is not worth your time or money. Keep your money for the house you buy, not for legal fees. My partner (& husband) & I have a saying we share with our clients & it's only one word, "Next." Pick yourself up & start looking for homes again ASAP. For our clients the next home has been at least as good as the first one & many times the next home is much better! ... more
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Kim Marin,  in Grapevine, TX
Sat Mar 14, 2009
Kim Marin answered:
Just so you know, while a sales contract calls for earnest money, not paying the required earnest money per contract only puts the buyer in breach of contract and does not nullify the contract
"If you agree to pay earnest money but do not make the required payment or your earnest money check “bounces,” you will probably be considered in breach of the contract."
Our Texas contracts say: "If Buyer fails to deposit the earnest money as required by this contract, Buyer will be in default."
The consideration that William wrote about refers to the purchase price stated in the contract, which is an integral part of what constitutes a valid contract.
I'm not sure what state you are in, but Sandy is right when it comes to Texas contracts regarding the option period.
... more
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