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#148290 - 06/15/07 11:14 AM Hand Money transferable?
haremchik Offline
Junior Member

Registered: 06/02/07
Posts: 8
I meant to add this to my earlier post so I am sorry for multiple posts here today.
1st property deal did not go through (long story not my fault) but I put 1500.00 as hand money up front. Which I have not received back. Sales was contigent of mortgage which I did not get (long story)..Now I have made another offer on a different house and my agent said the money I put towards the 1st house is in escrow. Can this hand money also be used as good faith money towards the offer of this house as well? And come to think of it my lended did not even include the 1500.00 anywhere in the GFE for closing costs for the 1st house I made an offer for. Is it up to the agent and lender to make sure this money is properly accounted for? How do I let the NEW sellers know that I have 1500 upfront that I will put towards the deal?
I have been told I am NOT allowed to talk to the sellers agent whatsoever is this common? As I just sent an email to the sellers agent to say how interested I was in buying the property and my agent was not happy about that.
Hmmm
Any advice?

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#148470 - 06/16/07 12:32 AM Re: Hand Money transferable? [Re: haremchik]
super realtor Offline
Major Contributor

Registered: 05/01/05
Posts: 8472
Loc: georgia
1.If you are in a buyers representation with an agent,let them talk to the listing agent(THAT IS THERE JOB IF THEY ARE REPRESENTING YOU!)

2.Earnest money depends on the contingincies in the contract,which we CANNOT see on this forum.ONE word can change a whole contract.Was the earnest money non-refundable?Even if you had a loan contingency was notice given to the seller that the contingency wasn't met?If you didn't give notice than most contracts say the contingencies are waived and the seller get's to keep the earnest money.

3.If the money is held in escrow you would have to wait for it to be released from the current contract.Scary enough it sounds like everyone involved including you do not know what they are doing.I would make sure I understood the process and had a competent agent before plopping down 1,500.00 on every property I want to buy.

For your information you DO NOT have to put down earnest money for mutual consideration in a contract.Most agents don't know this.Most sellers will request earnest money to know that your serious but if they are desperate they will agree to little or no down with the em.

good luck,no legal advice!!!!!

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#148884 - 06/18/07 02:26 PM Re: Hand Money transferable? [Re: super realtor]
RealEstatePromos Offline
Member

Registered: 05/16/07
Posts: 28
Your deal sounds unusual. Does your agent know what they are doing? If they do, ask them to explain it clearly to you. If not, ask to speak to their broker whom should be very knowledgable.
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