a*******7
发帖数: 131 | 1 made an offer 1.5 month ago, put 2.5k Earnest Money down and spent about $
700 for inspection. The house is supposed to close 1.5 week ago, but the
title insurance made two mistakes so the close was delayed. The day before
my husband went out of country on business travel, we re-signed all the docs
for the second time and we asked the title insurance person to double check
to make sure everything is good. But still there is one signature missing..
. so now we want to extend the close date to 11/8, but the seller is asking
us for 20k assurance deposit, which we hesitated to do. Now, my questions:
1. How should I argue with the seller to not release the 20k funds before
the close?
2. if we want to walk away, how can I get the Earnest Money back?
Thanks a lot in advance! | p******t
发帖数: 3764 | 2 you probably can not,and there is legal issue to deal with | a*******7
发帖数: 131 | 3 why? My husband is still out of country, so no way we can sign the doc
before he returns. How can the seller ask for 20k assurance deposit? | p******t
发帖数: 3764 | 4 your agent can argue for you about the assurance money, but if you walk away
at this point, when you are far passed that "free option period“， you
might not get that earnest money back, depending on which account the money
is in right now, and the seller/seller agent might sue you.
btw, why you have to worry about title insurance stuff yourself? your agent
would take care of that normally.
【在 a*******7 的大作中提到】
: why? My husband is still out of country, so no way we can sign the doc
: before he returns. How can the seller ask for 20k assurance deposit?
| a*******7
发帖数: 131 | 5 i don't have buyer agent :-(
it is assurance deposit - additional money- the seller is asking for and the
seller wants to be sure we are buying the house. It is not insurance. 20K
is way too much. My argument point is we did all we should do, but the title
insurance made errors again and again... | p******t
发帖数: 3764 | 6 well, no wonder you made some mistakes during this process
if you have agent and lawyer to help you on the way, your title insurance
would rarely be a problem, and the seller i believe is thinking you are
making excuses not to buy the house after your offer is accepted and is long
passed due date
your husband's being absent is not an excuse either, coz you can easily have
a power atterney set up before he left, and you can sign everything for him.
the
title
【在 a*******7 的大作中提到】
: i don't have buyer agent :-(
: it is assurance deposit - additional money- the seller is asking for and the
: seller wants to be sure we are buying the house. It is not insurance. 20K
: is way too much. My argument point is we did all we should do, but the title
: insurance made errors again and again...
| a*******7
发帖数: 131 | 7 no, we didn't make any mistakes, we signed all we were told, and we even
gave the title insurance the cashier check for the close. But it is the
title insurance made two mistakes and delayed the close date which put us in
the situation where my husband is out of country... | p******t
发帖数: 3764 | 8 Yea but you can still have power attorney right? which you dont
If your earnest money is in an account which seller/seller agent controls,
you have 0 chance to get it back. Yes the title company makes mistakes but
if you have agent, he should have found out that problem long time ago, and
correct it and before your husband leaves, he would already set up power
attorney for you in case his signature is needed at any point.
Now if you walk away, the seller might still have to pay for his agent a fee
, and lawyer's fee if he hires one, and he will blame that all on you. You
have to be prepared to be sued, instead of worrying your earnest money now.
You need to find a lawyer and prepare for that.
in
【在 a*******7 的大作中提到】
: no, we didn't make any mistakes, we signed all we were told, and we even
: gave the title insurance the cashier check for the close. But it is the
: title insurance made two mistakes and delayed the close date which put us in
: the situation where my husband is out of country...
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