It seems to me that the real estate company should return the earnest money and remove the house from the market for a month or so while they completely alleviate the water issue. The purpose of earnest money is for the buyer to demonstrate that they are serious buyers, not for the real estate company to hold the buyer hostage and to force an unwanted sale. In my opinion, the real estate company is not acting appropriately by refusing to cancel the contract and to return the money. I would expect this behavior from a car dealer, not a licensed real estate company who is bound by ethics under state law. A simple demand letter from an attorney would end this fiasco immediately.
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