Earnest money refund
 

We recently had a buyer back out at the "eleventh hour". They said because the appraisal came in too low they couldn't get financed. Long story short they were trying to get the appraisal high enough to cover the turn key package we offfered, over $10,000.00 in value. The house appraisal came in @ 215k the selling price was 224,900.00. Combined value of 225K. They also did not go to the bank that they listed as the bank they were going to try to obtain financing from in the contract. 99% sure they just got cold feet because they were pre-approved for close to 200k. I've heard you can dispute the return of funds just not sure how likely it is we would get to keep any or all monies in escrow. DG
P.S. Properties of The Villages Inc. is our real estate co. and they are pressuring us to release earnest money claiming they can't sell our house if the escrow is in dispute.

In certain situations the escrow agent is required to release the funds to the buyer if the deal doesnt close and in others the escrow agent is requried to release the funds to the seller. To whom the escrow agent will be requried to release the earnest money will depend on the specefic language of your contract. I would need to review your particular contract in order to provide an answer to your question. Please call my office at (352) 365-2262 to schedule an appointment to have your contract reviewed.