I need to get my earnest money back from an agent!!!

Asked by Eric H., Atlanta, GA Tue Dec 16, 2008

I have learned of some deceptive practices from the Loan Company I was using and now I no longer want to use this company. I made an offer on a property, but now want to get my earnest money back from a Bank's Agent, and wait till I get approved by another company. How do I go about getting my cashiers' check back??

Help the community by answering this question:

+ web reference
Web reference:

Answers

7
Move Home Te…, Agent, Sarasota, FL
Tue Dec 16, 2008
BEST ANSWER
Do you mean the bank's real estate agent that they are in listing agreement with? If so contact the Listing Agent's broker to get straight answers on why you cannot get the earnest money. The listing is with the Broker, not the agent. Did you sign a Termination and Release agreement? I presume the contract allowed for the bank to hold the money, but the broker should be able to give you the proper process for refund of earnest money if at all possible. If not possible, then they will give you direction on how to obtain arbitration/counsel. Good Luck!
1 vote
Lisa Allen,…, Agent, Roswell, GA
Tue Dec 16, 2008
Hi Eric,

Hopefully you have a Buyer's Agent representing you!!

I am wondering if you have an accepted offer and all addendums have been signed. If so, you have a specific due diligence period that is set forth in these addendums. If you have gone past your due diligence then you may not be able to get your earnest money back. Your agent may have also included a Financing Contingency amendment and that may help you if the time limit has not expired for you to get financed. The only way to get your money back if these time limits have NOT expired is for your Buyer's Agent to do a Termination and Release on this property. That means that if you want to purchase this property after terminating you will need to start from scratch with the bank. You may want to speak with another mortgage professional right away (Marc D'Angelo with SunTrust - 404-925-8291) to get pre-qualified again without having to start over. If you do not want this home and are willing to move on to the next then you will have to terminate.

Hope this helps,

Lisa Allen, REALTOR
404-925-8261
Prudential Georgia Realty
LisasListings@comcast.net
http://www.LisasHomeListings.com
1 vote
Jen and Mark…, Agent, Holmes Beach, FL
Tue Dec 16, 2008
I suggest having your Buyer's Agent do this for you. Earnest money is refundable under certain conditions. What does it say in your contract? If the Agent is unresponsive, contact the Broker of the Agency. Feel free to contact me if I can help.

Jen Bowman, Realtor
Success Realty
404-456-5024
Web Reference:  http://www.JenBowman.com
1 vote
Dallas Texas, Agent, Dallas, TN
Tue Dec 16, 2008
Earnest money with bank's agent? Contact the bank difficult to make a comment undetermined if you signed an agreement with banks agent what are the terms and conditions of the agent. However if you have had an appraisal, loan processing work you might not be able to receive your money. If all else fails contact State where they practice report them.
Web Reference:  http://www.lynn911.com
1 vote
Bill Eckler, Agent, Venice, FL
Tue Dec 16, 2008
Eric,

The agent should not be holding escrow money and the agent's broker should be able to provide you with accurate information about your escrow refund. You might want to also consider contact a real estate attorney for their input.

Good luck
0 votes
Hank Miller, Agent, Alpharetta, GA
Tue Dec 16, 2008
You need to contact the managing broker and state you situation to them. Release of earnest money is spelled out in the contract and both parties have to agree to release it and agree to the terms of that release. Beyond that, it's not really possible for us to advise you.

Hank
0 votes
Strom Thurman, Agent, Alpharetta, GA
Tue Dec 16, 2008
Eric,
Read thouroghly the contract you signed. It should spell out how the earnest money is to be dispursed in your situation. If you have an agent, they should have gone over this with you when you signed the contract. If you don't have an agent, you need one. Having a buyer's agent represent your best interest is crucial especially in today's market. Remember a buyer's agent will cost you nothing and possibly save you thousands by giving you good advice and protecting your best interest. Let me know if I can be of help. 770-888-SOLD
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more