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Earnest deposit

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kr919 Joined: 28 Nov 2010 Posts: 1 1.00 Dollars($)	Posted: Sun Nov 28, 2010 10:34 am    Post subject: Earnest deposit Like 0 Dislike 0 I recently made an offer on a home in Michigan...I offered the list price because the realtor said there was another offer. I am a first-time home buyer so I placed my trust in the agent to have my best interest at hand. I was told I needed to give him a check for $5,000 and that it would go toward my down payment. I was never told that I could lose that money if the deal did not go through. One week after I made the offer an inspection was done and several days later when I took a look at the inspection report there was a list of repairs needed. I was told it was too late to do anything and that I was responsible for the repairs. My realtor started to treat me like dirt. Before I made the offer I was experiencing some health problems. Those problems got worse and I decided I should not take on a large mortgage at this time. It was then that I was told my deposit would not be returned. I asked why I had to put so much money down and he said because he wanted to make sure the seller took my offer. I was never consulted. There is no where in the purchase agreement requiring that amount of money as a deposit. My realtor will not answer any of my questions. Did I not have the right to put down what I felt comfortable with? Did he not have an obligation to explain to me that I could lose that money?
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Sun Nov 28, 2010 8:18 pm    Post subject: Like 0 Dislike 0 Hi kr, It is a fact that you will have to put 20% down for your mortgage. However, the realtor should always explain the facts to the buyer in details. It was his responsibility to let you know that you may not be getting back the deposit. In my opinion, you should speak to an attorney and take his suggestions in this matter to find out if you can take any legal actions against him. _________________ Procrastination is the enemy of your financial success
kr919@yahoo.com Guest	Posted: Mon Nov 29, 2010 7:03 pm    Post subject: Earnest Deposit Like 0 Dislike 0 Who determines the amount of the earnest deposit...the buyer or the buyer's agent?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Nov 29, 2010 9:32 pm    Post subject: Like 0 Dislike 0 Hi kr! Welcome back to forums! Both the buyer and the buyer's agent jointly decide upon the earnest deposit. Sussane
kota Guest	Posted: Mon Feb 21, 2011 12:39 pm    Post subject: earnest deposit Like 0 Dislike 0 What are the instances an earnest deposit will not be returned to the buyer. Would not being approved for financing or the seller not wanting to fix something on the home inspection. Reasons for the buyer not getting the earnest deposit back.
Guest	Posted: Mon Feb 21, 2011 10:21 pm    Post subject: Like 0 Dislike 0 In most cases, the earnest deposit is returned to the borrowers if they cancel the loan within the 3 day period.

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