Agents Online Real Estate Forums, Discussion, Realtors Marketing Tips

Follow AgentsOnline on TwitterFollow AgentsOnline on Facebook

Click Here to display our logo on your site and link to us!
AgentsOnline Real Estate Discussion Forums Logo

Realtor CommunityA popular online real estate community since 1998!


Advertisements


Sponsored Links
Advertisements
How To Advertise Here
How To Advertise Here

Good Idea!
Realtor Promotion Service

Sponsored Links
(Views)Popular Topics
I MAKE 100 COLD CALLS EVERY DAY & LOVE IT! 28494202
No new orders today 13139647
Stupid MLS comments. 3344097
What do you know about Froy Candelario, top agent in USA 1228056
Stupid QC comments and BPO requirements. 1101953
New HUD Listing Brokers---Any Update? 1056675
Is there religious content in Buffini class? 845497
Let's talk about our cars 698101
Name that Flick. Great movie Lines. 623102
Most common items found at an REO 618495
Pay it Forward - BPO/REO Tips & Tricks I & II 614258
REOTRANS 462814
EML 459235
Main Street 443720
asset val seminar in colorado 422346
assist 2 sell or 1 percent realty? 353440
HOMONYMS - There, Their, and They're 328647
Evalonline 300209
Land America 285053
Mainstreet 261860
Matched Content
Topic Options
Rate This Topic
#460552 - 01/31/18 01:21 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 (01/31/18 06:44 PM)

Top
Advertisements
#460554 - 01/31/18 03:06 PM Re: Seller moving on, what about deposit? [Re: stargazer66]
Long Walk Offline
Member

Registered: 06/27/08
Posts: 309
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?

Top
#460556 - 01/31/18 06:48 PM 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.

Top
#460557 - 01/31/18 10:36 PM Re: Seller moving on, what about deposit? [Re: stargazer66]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7837
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"

Top






Google Custom Forum Search

This Google Custom search may do a better job of searching the forums for some keywords than the old forum search does. The results do not include threads from the Asset Managers Forum however. To search that forum you will need to be actually in the Asset Managers Forum and you will need to use the old forum search below.
Search

Newest Members
SDagent, LocalRealEstate, eis, Turbo-BPO101, h.rodriguez3866
30132 Registered Users
Who's Online
5 registered (Jim Erickson, Brad, OrlandoAgent, 2 invisible), 54 Guests and 3 Spiders online.
Key: Admin, Global Mod, Mod
Shout Box

Top Posters (30 Days)
Team Sztanyo 33
Trouble 17
Z06Fanatic 16
kirastan 16
estatereal 12
Mr. Clean 11
LuG 11
Bigtoe 11
RonnieEmz 10
VABroker 9
Vermont 9
cathyCZ18 8
newagent2028 5
Roadfrontage 4
Big Kahuna 4
Featured Member
Registered:
Posts: 2
Facebook

How To Advertise Here


This site presented by RNC Internet Services