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See now - I did not know that - I was told arbitration first (from my Realtor). Oy!
Yes, a result of the inspection the repairs was accepted by sellers.
However, I'm fine with that but the point is I was at the property the night of the cancellation (I was able to see clearly that they repairs had not yet been made).
The request for the money came 10 days AFTER the cancellation - they were still having problems selling it. This is the reason I said I would settle. At that point - whatever - take your money and leave me alone.
I believe that it's due to bitterness since they will not provide any receipts of repairs or anything. They have given me a guy by the name of "Bob" who claims to have done the work - but where are the receipts/proof?
Again, I'm willing to settle - they just won't sign the papers as they want to make me wait. That's why I'm thinking it was unethical behavior on the part of the Realtor - he/they are lying about the repairs.
Your attorney should address this arbitration clause, or your agent should be pushing them to hurry up and sign. Our contract has an arbitration clause in it but really it has no place because they just refer you to magistrates court. Every location is different so you need to refer back to EM clause in the contract to see what your rights are. That will be your answer.
So if you do indeed have a clause in your contract that says that the inspection contingency is removed if repairs are agreed to, I don't see that you are entitled to any earnest money if you are trying to terminate based on the inspection contingency and your contract has that clause.
Most people have a repair completion date which would be a different contingency. Not having the repairs completed before the inspection contingency is over is irrelevant, unless your contract required them to be done by then.
You really, really need to have someone explain to you what you signed and agreed to and what you are supposed to do in the event of a dispute. Out here, the buyer or seller would just file suit in small claims to get the process going over the dispute.
I think the reason that other agents were reluctant to talk about whether or not the agent was unethical is because this situation is just a mess and you clearly don't understand what you agreed to. It's hard to say someone is being unethical when you aren't understanding what is going on. Also, the listing agent may be frustrated but that would be different than bitter, especially if your termination wasn't within the terms of the contract.
Not sure exactly what would be unethical. The issue with the receipts?
That he is obviously lying about the repairs and trying to extort money cuz he's sour that I canceled. If that is not considered unethical then so be it.
Again, this is due to my Realtor saying that he was really upset and that he was "going to come after" me. Nothing about the sellers - all him.
He has threatened to hold on to the rest of my deposit if I do not pay this money - is that not extortion? Yes, I know it may be due to the sellers request but does the Realtor not have any responsibility in this?
So if you do indeed have a clause in your contract that says that the inspection contingency is removed if repairs are agreed to, I don't see that you are entitled to any earnest money if you are trying to terminate based on the inspection contingency and your contract has that clause.
Most people have a repair completion date which would be a different contingency. Not having the repairs completed before the inspection contingency is over is irrelevant, unless your contract required them to be done by then.
You really, really need to have someone explain to you what you signed and agreed to and what you are supposed to do in the event of a dispute. Out here, the buyer or seller would just file suit in small claims to get the process going over the dispute.
I think the reason that other agents were reluctant to talk about whether or not the agent was unethical is because this situation is just a mess and you clearly don't understand what you agreed to. It's hard to say someone is being unethical when you aren't understanding what is going on. Also, the listing agent may be frustrated but that would be different than bitter, especially if your termination wasn't within the terms of the contract.
Yes, I think that's what I need to do. Repairs were not required by a certain date. I really hoped not to get a lawyer involved but this is such a mess right now I think that's the only way to do it.
He has threatened to hold on to the rest of my deposit if I do not pay this money - is that not extortion? Yes, I know it may be due to the sellers request but does the Realtor not have any responsibility in this?
I thought your money was in escrow? The listing agent can't hold on to diddly squat if your money is in escrow.
I thought your money was in escrow? The listing agent can't hold on to diddly squat if your money is in escrow.
Yes, hopefully it's really in an escrow account.
This is what I've gotten out of this discussion so far:
1. OP cancels after the inspection contingency was removed by the repair agreement. Normally, this would mean loss of the entire EM regardless if repairs were completed or not, unless they weren't done in the time required.
2. Because OP gets upset about not getting EM back, listing agent/seller agree to return it less $1,000 for their trouble, including any repair work they may have already done. They are being generous for returning anything.
3. I don't see how the OP has any standing to get more money back given the statements made so far.
In a typical transaction in my area, the listing agent's broker would hold such funds in an escrow account, provided they were licensed, bonded and insured to do so. The broker has no authority to release funds to anyone unless the seller agrees or there is a court order to do so.
This is what I've gotten out of this discussion so far:
1. OP cancels after the inspection contingency was removed by the repair agreement. Normally, this would mean loss of the entire EM regardless if repairs were completed or not, unless they weren't done in the time required.
2. Because OP gets upset about not getting EM back, listing agent/seller agree to return it less $1,000 for their trouble, including any repair work they may have already done. They are being generous for returning anything.
3. I don't see how the OP has any standing to get more money back given the statements made so far.
Sound about right?
I agree that talking to lawyer is a good idea.
That is the general gist that I am getting too except that the OP has the potentially mistaken belief that because the repairs weren't started yet that they can get their earnest money back. Sort of claiming a "no harm, no foul" situation rather than a potential breach of contract situation.
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