Real Estate: Colorado/Earnest money

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Question
The buyer has gone all the way through the appraisal and had to pull out because he didn't sell the home he had to sell in order to buy my home. There was not a contingency in place.

Is the listing agent entitled to half of the earnest money? I thought it all should have come to me as the seller.

Answer
Hello,
If I understand your question correctly, the Buyer defaulted pertaining to having to sell their place by a certain time frame, was unable to meet that deadline, and nothing was written in the contract stipulating that they would receive their earnest money back in such a case...if that is the situation, typically, the listing agent and seller split the amount, unless otherwise mentioned in the listing agreement. Since it is held in escrow, no one person is liable to have it, thus it's split in half between the two parties involved, i.e. the listing agent and Seller.
Hope that helps~
Mary Maloney
303.906.5068

Real Estate: Colorado

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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.

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