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.~
I have bought 2 foreclosures now. Both with $1,000.00 ernest money checks written out at the onset. I write out the check, copy it and give my realtor the copy. The banks want to know my commitment and this is a great way to show it. Once an offer has been accepted and papers signed, the only way I can back out without losing my ernest money is that the house inspector points out something drastically wrong that myself, realtor and contractor did not notice. We write that up with the purchase agreement. We only have a few days after signing PA to bring the inspector in, so timing is very crucial.
With my experience, there has been no surprises. Hope everything works out.
Bill