I am selling a home and have a question about earnest money.
The buyer signed a contract on June 20, 2007, the closing date listed on the contract was July 31, 2007.
The buyer put down $1,000 earnest money, and paid a $100 option fee, and the home status was moved to option pending, ( so we had hardly any showings after that).
The home was appraised on July 12, 2007.
The home was inspected on July 20, 2007, and the inspector noted a few small repairs, all which could have been completed for under $500.
On July 24, 2007 the agent contacted my agent and said that they wanted to terminate the contract because they didn't want to wait on the repairs to be completed.
They are now requesting that we give them their $1000 earnest money back that the title company is holding.
Do we have to do this or should we be given these funds because we took our house off the market for this buyer and they backed out? What does the option period / $100 fee mean?
2007-08-21
15:30:46
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4 answers
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asked by
MO
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