Quote:
Originally Posted by Heartnsoul
REAL ESTATE AGENT TELLS ME I Will LOSE MY MONEY. I BELIEVE THEY HAVE TILL FRIDAY TO FIX, REPAIR BUT HOW DO I REALLY KNOW THAT WILL BE DONE??
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Your sales contract is with the broker, not the agent. The agent shouldn't be telling you that you will lose your money. That is not his decision to make. The decision is for the escrow company to make in consultation with you and the broker. In order for the escrow company to release the money to the broker, they need to determine that you have breached the sales contract and the broker is entitled to the money. Note that many listing contracts state that forfeited earnest money is divided equally between the broker and the seller. I doubt that a broker wants to tarnish his reputation for $5,000. Many large brokers almost never keep earnest money regardless of what happens.