We placed an offer to buy a foreclosed house a day ago and signed Earnest Money Note - $1000?. We changed our minds and want to back out

Asked by gerec2, North Royalton, OH Sat Dec 7, 2013

There is no contract acceptance at this time. Question: do we have to pay earnest money if we will withdraw our offer before it is accepted?

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3
Thomas Caine, Agent, New Albany, OH
Sun Dec 8, 2013
If there's no executed contract you should rescind your offer with your agent. Something that I do so that earnest money deposit isn't held up is not to pay that deposit until remedy is agreed upon. Good Luck & Happy Holidays
1 vote
Bob Kienast, Agent, North Royalton, OH
Sun Dec 8, 2013
Cecilia is exactly right. The earnest money deposit can typically only be lost if you REFUSE to comply with an executed agreement.
1 vote
Cecilia Sher…, Agent, Rocky River, OH
Sat Dec 7, 2013
No, you don't. There is no executed contract. If your offer is still live, your agent should rescind it right away if they haven't already. If the contract is accepted, your agent will deposit your funds within 4 days of acceptance or whatever your contract reads. The agent you are working with should have explained all of this to you and be involved with your decisions each step of the way. It's in your best interest to talk with them as soon as possible. Best of luck with your future house hunting.
1 vote
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