Talk of The Villages Florida - Return of Ernest Money

Talk of The Villages Florida (https://www.talkofthevillages.com/forums/)

- The Villages, Florida, General Discussion (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/)

- - Return of Ernest Money (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/return-ernest-money-355622/)

The contract requires the the seller correct defects up to 1.5% of the purchase price. If the cost of repairs do not exceed that amount, there is no basis to cancel the contract.

Quote:

Originally Posted by TCRSO (Post 2399933)

The contract requires the the seller correct defects up to 1.5% of the purchase price. If the cost of repairs do not exceed that amount, there is no basis to cancel the contract.

Yes, that is 6,000 dollars on a 400 K house. Last I checked, it doesn’t come close to the price of a roof.

Quote:

Originally Posted by TwinTurboViper (Post 2398933)

Recently purchased home "From The Villages" and after inspection found MAJOR problems with inspection. After inspection period of 10 days I cancelled my contract on the 9th day of the 10 day cancellation period.

I was told by my Realtor I would get my refund and now going on 3 weeks and having my Realtor tell me over and over "It has to take a few days" to which I think 3 weeks should have been long enough.

Just wondering if anyone else has had this problem and what time limit (if any) is appropriate and who you suggest I contact in order to receive this.

Appreciate your help and look forward to your advice

These things are covered by LAW. People are often confused. MY REALTOR. Unless you hired a realtor working for YOU-the buyer the realtor works for the SELLER.

No shortage of OPINIONS. On a resale I would hire an attorney that represents YOU. YOUR ATTY would hold the earnest money. ALL IS NEGOTIABLE-reminder your realtor dowes not work for you but for the SELLER.

The villages are a great operation. I would call the villages office and find out what is normal.
I would also call the realtors board. ETHICS, REASONABLE is debatable. Sounds like what you got is-I have a pile of other things to deal with. REALTOR? Mostly you deal with a salesman or lady. Ask to speak to the BROKER-they are the one with the license and a REPUTATION to protect.

Quote:

Originally Posted by DebMil (Post 2399358)

This happened to us too, but not in TV. In Dell Webb. We canceled on 5th day due to a bad inspection. The sellers agent kept 1/2 our deposit and that was the best I could negotiate.
As of August 24, there is a Non As Is contract now called FRBAR. Most realtors are using it, so it seems.
If you have this contract, basically, there is no out clause.
It states the seller has the right to fix all issues on the inspection, if they do, you are stuck, even if for example 2 windows are leaking but 10 more are soon to leak. They fix 2, you are stuck with what's left down the road.

I would suggest reading your contract.
I called FREC, but they only help Realtors now a days. All you can do is print off a complaint form on the Department on Professional Regulations and fax or mail it in.

Did they send you a cancelation agreement and both you and seller signed? Did it say you would get your full escrow back?
You can always call the Escrow agent or Title Company to learn what's up.

Best of Luck..

My first name is David. We've all heard the story of David vs Goliath. I see it different than most. If, David let Goliath set the RULES we would never have heard the story. David would surely have been another unknown DEAD PERSON.

Quote:

Originally Posted by DAVES (Post 2400127)

I totally agree with your first paragraph. Buyers are always using the term "MY AGENT" as if they have an agent who represents them. In most cases, they do not. The agent represents the seller not the buyer. I don't understand why this concept is so difficult for buyers to understand.