I recently signed a presale agreement and at the city inspection it was discovered the wiring had been cut at

Asked by Tmckinley, Detroit, MI Thu Jan 29, 2009

the electrical box in the basement, the boiler needed to be replace, and the inspection could not be completed because there was a bolt lock on the door leading to the inspection. My realtor stated he has to wait for the bank to make a decision on whether or not they are going to refund my earnest money deposit. I s this legal and how long should it take to receive my deposit.

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Maureen Fran…, Agent, Birmingham, MI
Thu Jan 29, 2009
Read your contract. What does it say about the return of your earnest money? The bank addendums could say something about it too. None of us know what your contract says.

It would not be atypical to have an inspection contingency that says that if you express your written dissatisfaction with the property during and agreed upon time, then your earnest money would be returned. Did you have that, and did you write a letter of dissatisfaction?

You can also speak with your agent's managing broker for clarification if you feel like you need more information.
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Derek Bauer, Agent, South Lyon, MI
Thu Jan 29, 2009
Real estate agents can not give legal advice, but moreover, many more facts of your particular situation would be needed before any of us would have an inkling of what a potential outcome may be. It depends on timelines, what your contract says, etc. Sorry to hear about your situation, but it is certainly not uncommon to find properties like that right now.
Web Reference:  http://www.DoorToDreams.com
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