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#460552 - 01/31/18 07:21 PM Seller moving on, what about deposit?
stargazer66 Offline
Junior Member

Registered: 01/31/18
Posts: 2
Loc: Nebraska
We purchased home contingent on our home selling. Our home has had two buyers fall through. Seller has put their home on market again, not releasing deposit. Dumb question, will we not get that money even if another buyer comes along and buys their house??


Edited by stargazer66 (02/01/18 12:44 AM)

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#460554 - 01/31/18 09:06 PM Re: Seller moving on, what about deposit? [Re: stargazer66]
Long Walk Offline
Member

Registered: 06/27/08
Posts: 243
Loc: New Hampshire
Originally Posted By: stargazer66
Buyer has put their home on market again, not releasing deposit.
I'm guessing that you are referring to the last buyer who failed to perform on a contract to buy your house? Was their contract contingent on selling their house? Do you mean that buyer acts like they are still in a contract to buy your house?

Sorry for all the questions, but it is hard to understand from your brief post.

Incidentally, are you working with an agent?

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#460556 - 02/01/18 12:48 AM Re: Seller moving on, what about deposit? [Re: stargazer66]
stargazer66 Offline
Junior Member

Registered: 01/31/18
Posts: 2
Loc: Nebraska
Sorry, that was confusing (corrected text). I meant to say 'Seller has put their home on the market again, not releasing deposit.'.

We are in a dual agency situation. In hindsight, I wish I had our own agent.

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#460557 - 02/01/18 04:36 AM Re: Seller moving on, what about deposit? [Re: stargazer66]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7792
Loc: Vermont's North-East Kingdom
You may want to carefully read your Nebraska Purchase and Sales Contract (I don't have one); as it should have contained a section devoted to the discussion of "Default", and the disposition of any Good Faith Deposit monies in the event that either of the Parties fails to perform in a timely manner.

The Contract wording should be quite clear; but you may want to consult a Nebraska Conveyance Attorney if you need help interpreting. Was the same Contract Form utilized in the 2 failed transactions for the sale of your own home . . . . what was the disposition of the Deposit in those instances ?

I personally learned a good lesson about defaults back in 1973 when I was committed to pay for a new home I had built in a sub-division; but I had failed to price my then current Massachusetts home low enough to sell promptly . . . . my own greed got in the way.

When I failed to follow through on my purchase of the new home, all of my Earnest Money was immediately gone . . . . your Contract may have more lenient provisions (you'll have to read yours); but the intent of a deposit is provide a pre-defined and reasonable compensation for the Seller's loss of marketing time, and the need to renew the search for a replacement Buyer.

Usually, the P&S will state that the sacrifice of the Good Faith Deposit shall serve as the sole and full remedy for the Seller's loss, without further recourse to pursue the Buyer in the Courts for additional damages.

Hopefully, your P&S is a standardized REALTORŪ Contract, and contains appropriate protective clauses for both Parties; those that are customary in your area, so read what you signed. Good Luck !
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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