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About Mary Mahoney
Expertise
My area of expertise is helping buyers and sellers with the purchase and sale of property. Specifically, I deal with mostly with the older homes in Denver Metro and Golden neighborhoods. The company I work for is called Nostalgic Homes. I have extensive knowledge of all of the neighborhoods in these areas and can make excellent recommendations to fit my buyer's lifestyle and needs, whether they are looking for an already established neighborhood, or are interested in obtaining property in an up and coming area. Since the majority of the homes that I help buyers with are dated between 1860-1945, there can be various expensive items that an agent should pay close attention to, besides the obvious cosmetics. While many older homes have already been updated throughout the years, it's important that I am able to bring to my buyer's attention plumbing, electrical, sewer line, roof, structural, and other major systems that may or may not be in good condition. This gives my buyers a much better sense of what kind of 'fix-ups' that will or will not be in store for them after they make their purchase. When assisting my sellers, in any market place, but especially now, it's important that sellers understand and know what to expect. I do extensive current market research of the neighborhood and area to inform them of how many days they can expect their house to be on the market, the best price they can achieve, given the current condition of their property, any fix-ups they can do to help achieve a higher price, and instruct them on how to stage and prepare their home for the public so that they can achieve the best offer with the shortest days on the market.

Experience
I have been investing in real estate since I was 25 years old and own several properties. I've lived in Denver proper for the last 20 years. I have held a certified real estate license for the last 8 years and have been selling real estate full time since.

Organizations
Denver Board of Realtors National Association of Realtors

Education/Credentials
My actual degree is a Bachelor of Fine Arts. I worked in this field for several years after college, before my love of real estate developed. As a licensed Realtor, I have taken a code of ethics, assuring all of my clients that they are treated fairly, with respect and knowledge of the field that of my expertise. I continually advance my knowledge of the field by taking many different courses that the Denver Board of Realtors offers each year to stay abreast of current and upcoming market conditions and certain problems to stay aware of to keep my clients fully informed as real estate changes.

Past/Present Clients
Can provide a list of names, numbers and emails of current and past clients upon request.

You are here: Experts > Cities/Towns > Colorado > Real Estate: Colorado > Earnest Money

Real Estate: Colorado - Earnest Money

Expert: Mary Mahoney - 10/31/2009

Question
I entered a contract to sell my home (FSBO) to a couple, who approached me wanting to buy my home. I agreed to write up a contract, if after 4 days I could find a home that I wanted to buy. I did and we entered into a contract. I also entered into a contract to buy another home and spent $337 on an inspection, and $370 on an appraisal. The closing is supposed to be Nov. 18th, and today I received a Notice to Terminate based on "Objection to Title". After calling Empire Title, who reassured me nothing was wrong with the title to my home, I called the buyer. He told me he just felt uncomfortable and didn't want to buy the house. I asked what was wrong with the title in his opinion to which he said "I'll tell you straight...." He didn't want to buy my house because I didn't allow him and his wife to measure the windows in my house the prior weekend so they could get curtains at Penneys that were on sale. I explained that it wasn't out of meanness, but concern. I didn't want them relying on the closing and spending money until it was a sure thing. They now want their earnest money back, and I'm trying to decide what to do. He signed the Earnest Money Release form and turned it into the title company and sent me a copy for me to sign. He didn't, however, designate who to pay it to. I have not signed it yet because I feel if I do I'm agreeing that he had a valid reason to terminate instead of just "backing out".

Answer
Hm. It depends on if your buyer has already passed his inspection deadline. If he did, then possibly. If there is no valid reason to terminate passed on a clean title, and especially since he already told you the reason why, you could have a valid reason. Whether a judge would chose his case is debatable. I'm not an attorney, so since you have no agent who has some knowledge to the specifics, I would contact one that has an area of specialty in real estate. Since you wrote the contract yourself, it could be debatable, in a court's eyes, that you were being unfair to the buyer and sided the contract to work to your benefit, which of course, they did sign. However, with the fiascoes of the recent past regarding buyer predation, a judge could go either way.
Hopefully, you have a provision in YOUR contract that you must come to a successful closing of your current house so you don't loose your earnest money from that transaction!
Hope that helps! Mary Mahoney

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