Hey guys, I’m in a bit of a bind. We had a cash offer for $375,000 on our house (listed at $400k) because we had a contingent offer on another home. The buyer, who is from Alaska, never saw the house in person and had a relative attend the inspection. This relative claimed the 9-year-old roof needed replacing and that the deck was in bad shape, even though both passed inspection. One part of the deck is a bit spongy but still serviceable. They took four days to inform us of their decision and requested the $1,000 earnest money deposit back, despite the contingency being only for 2 days. We denied their request, only to find out the EMD was never sent! It feels ridiculous to pursue $1,000, but if we can’t find another buyer soon, we’ll lose the contingent house we’ve invested in ($2,500 EMD there) and also lose another $1,500 due to storage and deposits. Our realtors have escalated this as far as they can. Should I proceed with the closing next Tuesday and then consider legal action, or just let it go?
You definitely have a case. If they didn’t follow through on the contract, you should stand your ground. Consult a lawyer to see your options.
Luca said:
You definitely have a case. If they didn’t follow through on the contract, you should stand your ground. Consult a lawyer to see your options.
Agreed! It’s not just about the money; it’s about holding them accountable for their actions.
I’d say don’t let them back out easily. If they didn’t send the EMD on time, they should be held responsible. It’s unfair for them to expect you to just give it up.
Lilyharper said:
I’d say don’t let them back out easily. If they didn’t send the EMD on time, they should be held responsible. It’s unfair for them to expect you to just give it up.
Exactly! They should’ve done their due diligence before making an offer. You deserve to protect your interests.
It’s frustrating when buyers don’t take the process seriously. If you can, keep pushing for that EMD. Every dollar counts!
Dior said:
It’s frustrating when buyers don’t take the process seriously. If you can, keep pushing for that EMD. Every dollar counts!
Right? With everything you’ve invested, it’s worth pursuing. Don’t give up without a fight!
If you have a closing date coming up, I’d suggest you keep that and consult with a lawyer afterward. You can always pursue the EMD after the fact.
Alby said:
If you have a closing date coming up, I’d suggest you keep that and consult with a lawyer afterward. You can always pursue the EMD after the fact.
Good advice! It’s better to keep options open while still protecting your interests.
Honestly, it sounds like a lesson learned. Next time, ensure buyers have their funds secured before going too far in negotiations.
Ali said:
Honestly, it sounds like a lesson learned. Next time, ensure buyers have their funds secured before going too far in negotiations.
Yep! It’s tough, but you can only control what you can control. Good luck!