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Buying or Selling a Home/Property floods after putting in a contract
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Question
I put in an offer on a propety about 2 weeks ago, now after heavy rain, I visited the area and the developements parking area was completely flooded with a foot or more! They had water being pumped out and several of the residents cars were damaged. The area around the developement does not flood as badly. Can I get out of the contract without losing my deposit? It is a 2nd story condo and probably did not get directly flooded. Our offer had not been accepted yet and the contract is contingent on selling my current property.
Hey MARV--
It's impossible to give you a specific answer to your question regarding the refund of your Earnest Money Deposit as so much depends on the specific wording of the Contract as pertains to
whether or not the Deposit is refundable or non-refundable.So I'll give you some general info based on what you've told me about your Offer.
If, as you say, your Offer has not been accepted by the Seller yet, you actually have no Contract & you should be able to withdraw your Offer and get your Deposit back!If a Seller accepts an Offer subject to the Buyers selling their current Home,often that's done with a Non-Refundable Deposit.
You need to read your Offer (and Acceptance if one exists) and see what it says about the "status" of your "Earnest Money!" If you used a Buyers Agent have him/her help you cancel your Offer and have your Deposit returned.If you bought straight from the Seller's Agent, I suggest you find a Buyer's Agent to help you out of this deal and into the next one!
A Listing Agent/the Seller's Agent doesn't represent the Buyer's "Best Interests" while a Buyer's Agent represents the Buyer and ensures that the Buyer gets the best possible deal! Look for a Realtor with the letters ABR after their name (It's a hard-earned Professional Designation meaning "Accredited Buyer's Representative")
Hope this helps. GOOD LUCK!
--JIM
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| Rating(1-10) | Knowledgeability = 10 | Clarity of Response = 10 | Politeness = 10 |
| Comment | Thank you for the quick answer. It did give me some ideas about what direction to go. | ||
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Jim Root
Expertise
How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!
Experience
Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!
Organizations
Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).
Publications
Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.
Education/Credentials
Associate Degree in Real Estate Studies plus:
Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years.
Bachelors Degree in Mass Communications,
Masters Degree in Education/Teaching
Awards and Honors
Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.
Past/Present Clients
No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!
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