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About two years ago I was in the process of buying a house in Greensboro NC.
I gave my due diligence money, I think it was $200 also the earnest deposit of $500.
I did an inspection, the inspector said there was mold in the crawlspace of the house.
The sellers response literally said "my cousin checked it and there's no mold"
I backed out of the sale!!
My Agent said that even though I was within the due diligence period I don't get my EM back.
I'm double checking to be sure my Agents information was wrong and I am entitled to that money back if so how do I go about getting it?
Also is there a time frame for this?
Second question:
I have read many threads on which agency is better KW, BH, Allen Tate, Remax Boutiques and so on. I still have no clue other than it depends on the office, the split and who has the best training environment seems to be a guessing game.
So my question is about the contract that you sign with the agency you choose can I get some insight on what the thing says generally speaking. How long is it? Anything in there that can trip you up. what to look out for. Is it weird to ask to review it overnight? and finally is there anything I should make sure it definitely says?
1. A $500 dispute is not worth lawyering up, and probably hardly worth small claims court.
2 years later?
Did you use the NCAR Standard Form Offer to Purchase and Contract?
How did the contract terminate? Did you just walk away, or did you document termination using the Standard Form Buyer Exercising Right to Terminate, with the DD Period box checked? If the latter, did you receive it back with a signed release of EMD?
If you just walked away without formal written notice, I don't think you had a case for EMD refund then or now.
2. Don't sign a contract with anyone who doesn't allow you adequate time to review it.
Agreements with brokerages tend to be long and detailed.
The point of the due diligence period, and paying for that period of time, is to ensure you're ok with moving forward with the purchase. If you terminate during the DD period, you are entirely entitled to your earnest money back. However, 2 years later, you're going to be out of luck. You should have brought it up immediately upon the termination. In order for the seller to have received it, you must have released it. The title company no longer has the money, and they will not get in the middle of your dispute with another party. They only release the funds to the party who made claim to it.
Great advice!!!
Thank you your both right, 2 years is a bit long to have waited. You live and you learn and sometimes you pay the price for it.
I did terminate using a termination contract and it does say that the EM is supposed to be given to me it just never was. Hmmmm??? Oh well I guess
I've decided to go with KW as long as the contract reads as promised. I'm hoping for some great training and real insight into the real estate processes.
I haven't taken my post licensing courses yet hopefully they're helpful.
I seem to recall a similar question posed a year or 2 ago. That thread got pretty lengthy. May be worth a search as it had good info.
Personally, I'd just call the broker with the EM and ask if they are still holding it. Was a release ever executed? I wouldn't personally chase other than asking a few questions and asking for it to be returned. If declined I'd move along after 2 years. My time lost in small claims or magistrate court would be more valuable than the $500 and I suspect your time as well since you didn't pursue it sooner.
Great advice!!!
Thank you your both right, 2 years is a bit long to have waited. You live and you learn and sometimes you pay the price for it.
I did terminate using a termination contract and it does say that the EM is supposed to be given to me it just never was. Hmmmm??? Oh well I guess
the first question is: did your agent work for a larger franchise brokerage? Or were they their own brokerage, or worked for a small enough brokerage that there were only a very few agents?
if you signed the termination agreement, within the due diligence period, then you're due the money. It sounds like you have a copy of the document. Contact the broker-in-charge of the agency, and start there.
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