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Check your contract - even if you got to keep the EMD, chances are some goes to your agent and their broker. So is this fight worth it for 2500 or 3000, not even 5000?
You aren't going to recover the cost of the repairs because you are the one getting the benefit of those repairs since you own the home that was repaired - buyers make have asked for them, but they are not getting any value from them. It's not like an inspection that was only done in contemplation of a purchase - you fixed the home that you own and therefore have the value of an improved home.
Again I appreciate the various opinions on this topic. I don't intend to do anything beyond the obvious (relisting), but I do find it frustrating that this process is so heavily skewed in favor of the buyer. What is the point of a contract if they can just claim some defect related to an inspection or HOA was the reason for backing out, when it is clear that is a false claim? At the very least, buyers should be made to provide a written statement as to the specific reason (i.e. they didn't like the HOA's parking policy regarding commercial vehicles). That way, if there is a dispute regarding EMD and it gets escalated, evidence can be presented to show false claims. Yes I realize in many instances the EMD is only a small amount and not even worth a fight, but it is too one sided the way it is now.
Last edited by spectre777; 01-04-2016 at 04:57 PM..
Home inspection contingencies vary from market to market. Here in Idaho, you can back out within the timeline of the home contingency periods per the contract, so it is important to make the earnest money non-refundable if need be without merit of the home inspection or else make the contingency period as short as possible.
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