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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 dispute

Real Estate: Colorado - Earnest money dispute

Expert: Mary Mahoney - 10/22/2009

Question
Hello, In August I made an offer on a condo and it was accepted. I wrote an earnest money check for $1000.00 to the listing agent. The closing date was scheduled to be September 21st, but much to my surprise, a few days before closing, we found out that the property appraised $6500.00 less than what I was going to pay for it. The seller refused to lower the price, and actually decided not to extend the contract with me any further. He then proceeded to have his agent re-list the property at an even higher price than what I was under contract to pay. I recently found out that he was not getting any showings and was being completely unreasonable with the agent, and the agent has now 'fired' the seller and the property is off the market. My problem is, my earnest money was never returned, and from my understanding, the seller has the money. Why would the seller have the money? We never closed, I never went into default, he just refused to lower the price or extend the contract so we could mediate. He just took my money and ran. Shouldn't the listing agent have the earnest money until closing? I am so confused, and I feel ripped off. Please help...

Thank you

Answer
Hi Joshua,
First let me apologize for not getting back to you sooner. There was a glitch in the site and I just received your inquiry today.
Second, you should NEVER write an earnest money check to an agent directly. It should be made out to a title company that is handling the transaction, or to the listing agent's office, which they should be holding in a non-interest bearing account until the time of closing. It sounds dubious that they required you to make a check out to them personally. If the agent has your money, it's called co-mingling, and the real estate commission considers this a crime.
Thirdly, There are certain dates and deadlines that need to be adhered to with a purchase of a home/condo. Usually the buyer will have an inspection done, with a date stipulated, within the first 7-14 days. If things go well with the inspection and the buyer and seller decide to move forward, then your lender will proceed and order the appraisal. Again, there is a date stipulated on your contract when the appraisal needs to be done by, and if it doesn't appraise, then you must have something in writing to the seller and listing agent, by the appraisal objection deadline, stating such and that you would like to have your earnest money released.
If you had surpassed any of these deadlines, then you are in default and the seller has the right to keep your earnest money.
These are the rules in the state of Colorado. I'm guessing wherever you are, they are similar, if not the same. I would contact your local real estate commission and file a formal complaint against the listing agent and see if that can get you moving in the right direction.
Many buyers feel like they can get a better price if they deal directly with the listing agent. This is not true. My advice to you, interview and find someone to represent you as a Buyer's Agent with a formal contract in place between the two of you. You will be in a much better place, having good representation, moving forward with your next place. Please let me know if you have any further questions. Mary Mahoney

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