Help....I Want My Earnest Money Back
I know I know, I should not have put non refundable earnest money down when the date for closing has expired.
But, the assignor said that he would get an extension.
After a week he said I must close now or
the seller would find another buyer and to get extension he would need more earnest money!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
The dude is shady, I found out that the property is unsaleable and I want my earnest money back.
Is it legal in georgia for an assignor to collect non-refundable earnest money on a contract that has no time limit, but has a closing date that has already expired by the time I gave earnest money?
Sounds like blatant fraud to me. I would go to the cops. Hope you didn't lose too much cash, doubt you will get it back.
I am a talk show host in illinois and I am also in the property biz via mortgage loans.
For one in my state the earnest money is not refundable if the buyer can not get a loan to purchase the said property.
Here you are talking about you gave the earnest money to someone other than a realtor or attorney. The earnest money has to be deposited into a bank account and held in escrow until closing I did not hear you state this either.
Then you have the issue of habitability.
And if the property is deem uninhabitible then there is a question of the right of this property to be up for sale and you maybe able to get your money back due to this.
I am not a attorney but worked for many years as a paralegal and work via my tv program in resolving issues like these in my state.
So what I would do is go very quickly to a lawyer to tell him what happened look for a good real estate attorney in your state.
You also need to be mindful of the state statue of limitation. Whereby you may have only a short to file a suit concerning this matter if its deemed that they will not give you your money back and or if the need to obtain a lawyer to file your claim and litigation is needed.
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and then I will give you my phone number.