Phyllis, Home Buyer in Okeechobee, FL

If a deal falls through due to an appraisal not coming in high enough, when should the deposit be refunded?

Asked by Phyllis, Okeechobee, FL Mon Jul 28, 2014

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Terry McCarl…, Agent, Cape Coral, FL
Mon Jul 28, 2014
If your contract releases you in the event the home doesn't appraise out, once both the buyer and seller have signed the cancellation the deposit should be refunded quickly - typically right away but maximum of a week.
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Christa Buch…, Agent, Troy, MI
Mon Jul 28, 2014
If you have an appraisal contingency in your contract, your earnest money should be refunded. In Michigan, appraisal and inspection contingencies are written into our state contracts, but it also states that buyer and seller must sign a mutual release for the EMD. If the seller refuses to sign it, you would have to take them to court to get your money returned. If that contingency is waived, an addendum stating otherwise would have to be written, and the seller could feasibly keep the money. I am not sure if that is the case in Florida. Ask your Realtor.
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In Colorado the earnest money should be returned after a termination notice and refund of earnest money is signed by both parties. This should be done prior to the appraisal objection deadline....
Flag Mon Jul 28, 2014
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