[bragones]

Seems to this post is not a matter of IF the OP will get a return of deposit but WHEN

[retiredguy123]

Originally Posted by elle123

"When buying a house, you typically lose your deposit (also called "earnest money") if you back out of the deal without a valid reason outlined in the contract, such as failing to meet contingencies like getting financing approval, passing inspection, or if you simply change your mind after signing the purchase agreement; in these situations, the seller can usually keep your deposit."

That is legally correct, but some real estate companies are pretty flexible about returning earnest money because they don't want to develop a bad reputation. But there are other companies who don't care about their reputation. In some states, you actually need a court order to keep the earnest money. Also, some standard listing contracts allow half of any forfeited earnest money to go to the listing broker, not to the seller.

[dewilson58]

Originally Posted by seecapecod

Are you receiving 100% back- in many cases The Villages “sales agency” keeps 50%

[Bilyclub]

What did the OP’s post say before it was edited 2 hours after posting ? Seems like something is missing. Did an over 10 year old roof change to major problems?

[McClendons]

In Florida, most realtors consider that the inspection clause allows a potential buyer to back FOR ANY REASON during the inspection period. I just went through it selling a house in St Pete Beach (before hurricane), and two buyers backed out with any inspection being done. One was surprised at insurance costs, the second was a scumbag that literally "just changed his mind after 7 days". While the standard Florida clause say different, the realtor agency would not support me in either case saying the clause did not apply since no inspection was done.

I strongly believe I could have fought in court, but of course that cost money and time. There is no doubt you should get your money back given legitimate inspection findings, but the most honorable thing to do is offer the seller an opportunity to repair issues (new roof etc). Insurance is not an excuse IMHO, roof issues if real are.

[retiredguy123]

Originally Posted by McClendons

In Florida, most realtors consider that the inspection clause allows a potential buyer to back FOR ANY REASON during the inspection period. I just went through it selling a house in St Pete Beach (before hurricane), and two buyers backed out with any inspection being done. One was surprised at insurance costs, the second was a scumbag that literally "just changed his mind after 7 days". While the standard Florida clause say different, the realtor agency would not support me in either case saying the clause did not apply since no inspection was done.

I strongly believe I could have fought in court, but of course that cost money and time. There is no doubt you should get your money back given legitimate inspection findings, but the most honorable thing to do is offer the seller an opportunity to repair issues (new roof etc). Insurance is not an excuse IMHO, roof issues if real are.

I would just add that the listing price was probably based on a house with an old roof. The buyer is not entitled to a new roof. An old roof is not an inspection defect.

[MikeN]

Contact an attorney

[scubawva]

Originally Posted by TwinTurboViper

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

Was this a new home? If not you didn’t from the villages. You may have purchased a resale using a villages sales agent. The Villages does not have Realtors.

Semantics aside, if you properly cancelled and you think it has taken too long for return of earnest money you should 1) check your contract for terms on this issue 2) go to the manager of The Villages Sales and give X business days to return (again your contract terms) if you don’t receive the funds file a complaint.

time to return is 1-5 business days in all cases I’ve been party to. Weeks is too long.

Make sure everything is in writing.

[kingofbeer]

Originally Posted by retiredguy123

First of all, The Villages does not have any Realtors, and, unless you paid for a buyer's agent, no one is representing you as an agent. Also, the inability to get insurance does not sound like an inspection defect that can be used to cancel the contract under the inspection clause. I would suggest that you have a real estate attorney read the contract and advise you if it allows you to cancel the contract.

I understand that Villages agents are licensed real estate agents.
Seems many are confused about this cancellation issue. The most common real estate contract in Florida is called an AS-IS contract. Section 12 has an inspection period which gives the buyer a right to cancel within 15 days after the effective date. After cancelled, the seller must return the deposit. I have cancelled out of these contracts before a few times. You can cancel for any reason.

Look at section 12 in the contract.
https://peopleschoicerealty.com/wp-c...-version-1.pdf

[kingofbeer]

Originally Posted by retiredguy123

It depends on what is a major problem. Typically, the seller has the right to correct some defects under the inspection clause. The buyer doesn't always have the right to cancel the contract. One problem with the inspection clause is that the correctable defects are usually defined as a percentage of the sales price, which is highly subjective.

The age of the roof and the insurability of the house are things that the buyer could have easily determined before signing the sales contract. I doubt that the inspection clause can be used to cancel the contract for that reason.

The right to cancel gives the buyer the right to cancel for any reason.

[kingofbeer]

Originally Posted by elle123

"When buying a house, you typically lose your deposit (also called "earnest money") if you back out of the deal without a valid reason outlined in the contract, such as failing to meet contingencies like getting financing approval, passing inspection, or if you simply change your mind after signing the purchase agreement; in these situations, the seller can usually keep your deposit."

The right to cancel gives the buyer to right to cancel for any reason. Too much confusion here.

[kingofbeer]

Originally Posted by McClendons

In Florida, most realtors consider that the inspection clause allows a potential buyer to back FOR ANY REASON during the inspection period. I just went through it selling a house in St Pete Beach (before hurricane), and two buyers backed out with any inspection being done. One was surprised at insurance costs, the second was a scumbag that literally "just changed his mind after 7 days". While the standard Florida clause say different, the realtor agency would not support me in either case saying the clause did not apply since no inspection was done.

I strongly believe I could have fought in court, but of course that cost money and time. There is no doubt you should get your money back given legitimate inspection findings, but the most honorable thing to do is offer the seller an opportunity to repair issues (new roof etc). Insurance is not an excuse IMHO, roof issues if real are.

You can cancel for any reason. You can cancel because you found another house down the street that you like better.

[retiredguy123]

Originally Posted by kingofbeer

I understand that Villages agents are licensed real estate agents.
Seems many are confused about this cancellation issue. The most common real estate contract in Florida is called an AS-IS contract. Section 12 has an inspection period which gives the buyer a right to cancel within 15 days after the effective date. After cancelled, the seller must return the deposit. I have cancelled out of these contracts before a few times. You can cancel for any reason.

Look at section 12 in the contract.
https://peopleschoicerealty.com/wp-c...-version-1.pdf

Any person who sells real estate for a commission must be licensed by the state.

The OP didn't say that it was an "as-is" contract, so, without confirming, that is a fairly large assumption. I have never purchased a house with an as-is contract.

[midiwiz]

Originally Posted by TwinTurboViper

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

Here you go - you start here, you want to bring this to the FREC.

What is the Florida Real Estate Commission (FREC)?

[SoCalGal]

Originally Posted by retiredguy123

First of all, The Villages does not have any Realtors

The Villages employs nearly 400 licensed real estate agents.