Quote:
Originally Posted by Bob04090
Is this a VLS contract? If so, as I stated earlier, the seller has to fix the problem up to 1.5% of the purchase price. No, you won't get your earnest money back if you back out. The VLS contract is written in a way that you can't.
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Who determines how much the repair costs? 1.5 percent of $250K is only $3,750. You can't do much water damage repair for that amount, and almost no mold mitigation. Note that they have asked for 10 more days to complete the repair. Also, I doubt that the contract, as written, is always enforced. The Villages, and most reputable brokers, tend to be pretty lenient when returning a deposit, especially when the buyer has a valid reason to not buy the house. Brokers do not want dissatisfied buyers. It appears that the only justification for keeping the deposit would be to pressure the buyers and to ensure that the sales agent gets a commission. The seller can always sell the house to another buyer and would most likely not be financially harmed.