OfflineA deal I was buying fell through when it was determined that it would need alot more work than originally anticipated. There was an exit clause in the PA that stated that earnest could be returned if there were substantial problems that weren't originally caught. To make a long story short, I have been requesting the return of earnest (even disputed through my bank) and the receiving end has not responded. This was a foreclosure and the agent that I worked with claims that she keeps contacting them, but they wont respond.
One would think that there is a statue of limitation on these types of issues...Does anyone know of anything?
Lenee
~Act successful! And you'll draw it to you.~
~Every achievement, big or small, begins in your mind. It starts as a thought.~
Your earnest money will be returned if you canceled the agreement within the terms of the contract. I am sure you had a certain time frame to determine the amount of repairs and to complete the paperwork required to cancel the contract and return of earnest money. Did you give them a written cancellation of the contract that was within the terms of your contract? If so, take both your original contract and the copy of your cancellation form to a RE attorney and get the problem solved!
Hope this helps,
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
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