Rule on return of initial deposit if offer not accepted?

[North Beach Person]

Originally Posted by FalconheadWest

In my area, if a check is deposited at the title company, and then the buyer backs out during their inspection period, the title companies must wait 15 BUSINESS days before cutting a new check back to make sure it clears their accounts. That's 3 weeks because it's business days and not calendar days.

That's acceptable, three months is not. The failed septic inspection was done the middle of December and she didn't receive her deposit back until the end of March.

[jerseyjersey]

Thanks for the replies. The offer was on a foreclosure, but already REO. My realtor told me at the time there is a law where the check needed to be deposited once 5 days had passed, so it was deposited the 1st week in February. Deal died 2 weeks ago tomorrow, but my check had already been cashed prior. I will contact my agent one more time, before contacting the broker. Thankfully it was not a huge deposit (just a $1k initial deposit), but I still want my money back!

[jameshardin]

If it was a normal bank check, why not just call the bank and void it? I never take my clients Earnest Money check or Option fee check until I have an accepted, and executed offer. At that point, according to Texas law, I have two days to deliver the checks to the title company and the listing agent. Do you know who the title company is? Perhaps you could call and see if the agent took it there.

[tanman]

Your answer is in the same contract of terms that you signed in your offer. Pull out your purchase contract and look under a para of "Deposit". You should of received your deposit back within 24 hours of your offer not being accepted. You can go the sledgehammer route and fax over a personal letter demanding the deposit back in 1 hour or your filing a state complaint (not a silly mls board complaint) against them. I guarantee you will get the deposit back within the hour.