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#463136 - 12/20/18 09:41 AM Can you relist/re-activate a listing if buyer refuses to sign release of EM
whoknows Offline
Junior Member

Registered: 12/20/18
Posts: 1
Loc: ga
Buyer's loan has been denied after financing contingency has expired. Apparently they want to put up a fight about the EM. Their agent told me(listing agent) that if seller doesn't sign the release of EM to buyer, it will cost them a lot of time and headache while it goes to mediation/court and they can not relist the property until this is resolved. She said the closing attorney(who holds the EM told them that). Is that true?

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#463139 - 12/21/18 02:02 AM Re: Can you relist/re-activate a listing if buyer refuses to sign release of EM [Re: whoknows]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7950
Loc: Vermont's North-East Kingdom
Has the current Listing Contract expired while it was on Deposit ?

If not, then when you take it off of Deposit, it's still Active.

Unless otherwise stated, the death of the Purchase and Sales Contract (between Seller and prospective Buyer) does not exercise control over the terms of another Contract, the Listing Agreement (between Seller and Broker).

Georgia Law may have something to contradict that; but I wouldn't put much faith in jaundiced "2nd" hand Legal Opinions.

Does your Local Board of REALTORS® or your Georgia Association of REALTORS® have a Staff Attorney (or a retained Attorney) from whom you are entitled (by virtue of paying your Dues) to seek another Legal Opinion ? If so, this is a good time to use that resource.

PS: BTW, did the Buyer's Agent neglect to request an Extension of the Financing Contingency (to avoid the Forfeiture of the EMD) . . . . and if so, then they have only themselves to blame ?

You snooze and then you lose !

And then, the Buyer may have recourse against that Buyer's Agent for failure to fulfill their fiduciary duties.


Edited by Vermont (12/21/18 04:38 AM)
Edit Reason: Added PostScript
_________________________
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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#463141 - 12/21/18 02:46 AM Re: Can you relist/re-activate a listing if buyer refuses to sign release of EM [Re: whoknows]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2333
Loc: Outer Banks
The contract is dead. The seller can now put the house back on the market. The disposition of the earnest money is spelled out in the dead contract.

If the old buyer does not attach something legal to the deed then a new buyer can buy the house. If something is filed against the deed then it could cloud the title and kill the sale. The new buyer needs to be aware of this to protect your seller.

You really need to talk to a ga attorney to protect your seller.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#463186 - 12/31/18 08:27 AM Re: Can you relist/re-activate a listing if buyer refuses to sign release of EM [Re: whoknows]
David Hunter Offline
Major Contributor

Registered: 09/27/05
Posts: 1667
Loc: Cleveland, Ohio
Definitely check with your state laws, but we just recently had this problem in Ohio. Buyer signed a mutual release because they decided they didn't want the house so now the sellers won't sign the mutual release. House is back on the market and if they can't come to an agreement on the EM, then after two years it will be returned to the buyer.
_________________________
David Hunter | RE Agent |Direct-Response Marketer
www.DukeOfMarketing.com/7-Real-Estate-Marketing-Strategies/
www.TheSaviorsMinistry.org


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