Nothing in our contract stipulates reasons why we would not receive our earnest money back.

Asked by Ruby, Conway, SC Mon Mar 11, 2013

Yet, when we dropped our offer after a horrendous inspection, the realtor said that since the buyer had already bought repair supplies and the lawyer had alread drawn up paperwork, that we were not entitled to get it back.

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6
Kim Davis &…, Agent, Myrtle Beach, SC
Wed Mar 20, 2013
Ruby, review the timeline of the home inspection clause. Regardless of the attorney doing the title search, this is the timeline in which a buyer can ask a seller to remedy the issues at hand. If he or she refuses, uou should have the right to terminite as Anthony clearly stated. An experienced agent will be able to offer guidance and facilitate quickly without issues so you can move forward and find the home that best suits you. Good luck!
0 votes
Immediately after the inspection we requested all repairs be made. It took the agent seven days to reply that the seller said some repairsn were not neccesary (illegal wiring, not up-to-code roof repairs). We immediately terminated the offer. Three days later she called to say we could not have the money back. There wasn't a timeline in the contract. It simply said "time is of essence." We did have the right to terminate, but our agent (dual) disagreed. All it took was a threat of magitrate's court, however, for them to change their tune! They gave us a check in two days after that conversation.
Flag Wed Mar 20, 2013
The Kingsmore…, Agent, Murrels Inlet, SC
Mon Mar 11, 2013
OK to do all things below but in SC if there is a dispute none of the people involved in the transaction can make the decision as to who get the earnest money. A magistrate or judge will hear the case after the buyer files a request for a hearing. Your agent can assist you with doing this.
0 votes
Anthony Schi…, Agent, Myrtle Beach, SC
Mon Mar 11, 2013
I would recommend first contacting the broker in charge of the office that represented you and explain the timeline of events. Contracts most always have a contingency for the home inspection and you have a "review period" to inspect the property and deem it acceptable or not acceptable.
0 votes
Nathan Neagl…, Agent, Myrtle Beach, SC
Mon Mar 11, 2013
Ruby ... Agents can not make that decision all we can do is advise and communicate our clients message. That said to get earnest money back for any reason both the buyer and seller must sign a release. Should one decide not to sign the release your recourse as Carson said is to speak to a attorney (probably best) with all the details of what happen or you can call the court magistrate office and file a interpleader yourself. I also recommend talking to a attorney at a minimum before doing anything yourself. Just my opinion.

Good luck to you.. Please take a few minutes as well to talk with your agent. Hopefully you all can work out a agreement that helps everyone and minimizes the extra headache and cost.
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Barbara East…, Agent, Pompano Beach, FL
Mon Mar 11, 2013
There are three important paragraphs in the contract that should allow you to get your earnest money returned. The Finance Contingency, the Appraisal Contingency and the Home Inspection Contingency are the three important paragraphs. Your Realtor should have made sure that all of these items were properly fill out so that you would receive your earnest money back if there were issues with any of them. They allow you to receive your earnest money back if you cannot get financing, the property doesn't appraise high enough or if the home inspection found something in the house that is unacceptable. The contract that you signed is a binding contract between all parties involved and all parties have to perform. I would recommend that you contact the attorney that was going to assist you with closing on this property. One other thing, is that it can take up to 30 days to receive the earnest money back after a Release of Contract has been signed. Good Luck.
0 votes
Carson Hardy, Agent, Myrtle Beach, SC
Mon Mar 11, 2013
You should get legal counsel!
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