I gave earnest money on a house 3 wks ago seller goes on vacation I'm still waiting for an answer if they accept my bid. the first bid they rejected so i offered more money they said ok and asked for more earnest money i gave that too. now what? how long should i have to wait for an answer? I think he is jerking me around to see if they get a better bid, the earnest check of mine was not cashed so does that mean nothing is valid until contract is drawn? the house has been on the market long enough that they reduced the price. this is my first house new to this. what are laws or question & answers for me to find? thank for any help I live in PA
2007-09-22 11:53:42 · 6 answers · asked by yorkiedog28 3 in Business & Finance ➔ Renting & Real Estate
sorry,I do have a realtor & they have a listing agent . My agent said he will get with them as soon as they get back,but no contract was drawn before they went on vacation. they are back & this is the second week i'm waiting for an answer.
2007-09-22 12:17:27 · update #1
Contact your Realtor and advise them that you want your earnest money back. Your offer should have had an expiration date that has long passed. You are not obligated to continue with this transaction. Are they waiting for a better offer? Who knows? Nothing is valid until you have a signed, accepted contract by both parties.
Once you have made your intentions known, I suspect a signed contract will be produced.
2007-09-22 12:44:33 · answer #1 · answered by godged 7 · 1⤊ 0⤋
Didn't you put a time limit on the offer? The seller can leave you twisting in the wind if you gave him an open offer. Normally a written contract must be drawn AND the earnest money binds the contract. Since you have neither, you do not have and agreed upon contract. I highly suggest you call a Realtor immediately
2007-09-22 12:01:23 · answer #2 · answered by linkus86 7 · 0⤊ 0⤋
It would be courteous of them to respond in some kind of timely manner, but there is no law that says the seller even has to respond at all. Was your offer good enough that they should be taking it seriously? Have you tipped your hand that you just love this house so much that you'll wait as long as it takes? Was your offer low enough to insult them and cause them to purposely leave you hanging? When they said they wanted more earnest money, did they also want other things (like a higher sales price?) and did you comply with the other issues?
If this isn't the only house you could possibly like, tell them that you're withdrawing your offer, or give them an offer that they really should consider...
2007-09-22 19:01:04 · answer #3 · answered by teran_realtor 7 · 0⤊ 0⤋
RED FLAG! RED FLAG!
You have NOT mentioned a Realtor.
You gave the sellers a CHECK that could be cashed for a contract that wasn't even signed by them, with no listing agent, no attorney, no nothing?
I think I know how they paid for their vacation.
STOP PAYMENT on that check immediately. You need to call your bank NOW and find out what happened to it.
Get a Realtor and re-start the contract.
2007-09-22 12:00:20 · answer #4 · answered by Expert8675309 7 · 0⤊ 0⤋
Earnest money should reside in an escrow account controlled by a neutral party. The money should only be released upon agreement of all parties or court order. You may need to take legal actions to retrieve your money.
2007-09-22 15:52:44 · answer #5 · answered by divepassion 2 · 0⤊ 0⤋
Who did you make the check out to?
I hope the title company.
Did your Realtor ever check to see if the home was actually owned by the people you were trying to buy it from.
Sounds fishy to me.
Hope this helps.
Terry S.
2007-09-22 16:16:10 · answer #6 · answered by Terry S 5 · 0⤊ 0⤋