I made an offer and It was accepted. Then the seller came back with a counter offer. I refused the counter offer and demanded for earnest money. They are not giving me back the money… I need help on this???
Hi,
Didn't you make your earnest money payable to a title or escrow company?
How could you have an offer that was excepted? Then a seller came back with a counter offer?
Did you not have a signed agreement when the offer was excepted? If you have a signed agreement the seller can not come back with a counter offer? Did you make your refusal in writing?
Did you request and make demand for the earnest money in writing? Sent by certified mail / return reciept requested? Why do you understand they have refused to give back your earnest money?
Give a little more information here so we better understand?
GR
I did send them by email that I was not interested in their counter offer. The earnest money is also with the title company. I was told by my agent he will cancel it but never did. I checked with the title company and they said I was under contract. My offer was accepted on October 1st but they came back with a counter offer on Oct 27th. No I don’t even want to buy this house with all the drama. Can I walk away from it since it was counter offered?
I’m not a lawyer (and don’t play one on TV) but if you’re under contract, it is binding on you, also.
Keith
I would suggest speaking with an attorney in your area(possibly the one that drafted the contract you used or provide them a copy so they can see where you stand). People here can give you great advice (with the right information).
Did you sign a written agreement for the first offer that was accepted (signed by you and seller)?
What type of agreement did you sign? when was close date?
Was the second offer writtenDid you sign anything accepting second offer?
My understanding is the last agreement you signed is the one you are committed to. If the seller makes any changes to that agreement you have right to cancel with no penalty. Not sure there is any wording in the contract that would allow them to change anything, let alone price and you be obligated to accept. A good RE attorney should be able to take look at agreement and advise you best way to proceed. I would talk to a couple and see what they propose.
To get the best advice here you just need to give as much information as possible that is relevant to your question. Good luck with this, still might be some $$ on the table… I wouldn’t run so fast. You may have just drilled the well, you don’t want someone else to come by and draw the oil from your efforts because you gave up just short!
I know if you do a regular Purchase & Sale Agreement with a FSBO, you can put something like the fact that it is contingent on your partner’s approval. That would be an escape clause because if your “partner” doesn’t approve of the deal, the contract will no longer be good and you can get out of it.