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Buying or Selling a Home/good faith deposit
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Question
I gave a good faith deposit for a house i wanted to buy after the seller accepted our offer. The seller could not find suitable housing so she wants to take it off of the market for a few months and then try again after the winter. can i just tell her to keep the deposit and sell us the house when it goes back on the market? we have already spent over $700 on home inspections and appraisals.
Dear Heather;
I would suggest that you discuss your options with an attorney. Here is why...I assume that you entered into a written contract for the sale of the home. Since you spent money on inspections, the seller owes you for these and you should not be penalized because the seller has now changed her mind. However, if the seller is still going to sell the home once she finds suitable housing, then why is she not extending the closing date until she is able to move out thereby keeping you as a buyer. I have the sneaking suspicion that the seller decided that she wasn't happy with your offer and wants to hold out for more and this is an excuse to re-sell to someone with a higher price. If you have a written agreement it is enforceable.
Good luck and best wishes,
Jessica Bryan
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Answers by Expert:
- Dick Dennis
- Jessica Bryan
- liznarr
- Hans Weber, Licensed Broker Associate
- Sue Bernstein
- Karyn Foley
- Dottie Worthington
- Jim Root
- Russel Ray
- Connie Wildasinn-Broker,GRI,RealtorŪ
- Todd C. Menard
- Diann Tonnesen
- John Hendricks
- Jay Denit
- Matt Heisler
- Lisa Webber
- John
- Laurie Stephenson
- Marvin G. Bobbitt, III
- Nori J. Muster
- Sharon Huneycutt, Realtor, Associate Broker, GRI, e-PRO
- CJ Brasiel
- Jeff Kessler
- Kathryn Hisert
- Emily
- Ted Lewis
- Kerrin Kostelic, FL Broker Associate, GRI, AHWD
- Tim Norris
Jessica Bryan
Expertise
buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.
Experience
Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.
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