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  • Trier
    started a topic Earnest Money Washington

    Earnest Money Washington

    I "had" a buyer for my house. We were at the point that the buyer had 10 days to do an inspection. On day 6, his realitor calls mine and says the buyer came by the house, during a 60 mh wind storm...saw some siding flapping in the wind, and has decided not to buy the house. "I" have recieved nothing in writing. My realitor says I am not entitled to the $1500. earnest money, because the buyer did a "personal inspection," and can therefore back out of the deal earnest money intact. ( This was not a special stipulation???)

    Is this true? I am having trouble getting a firm answer on this.

  • demartian
    replied
    Even if they didn't actually find anything wrong during the inspection, they could back out for multiple reasons. I've sold quite a few of my houses over the years and have never banked on a sale until well after the inspection.

    I had one buyer back out because of a roof that was only 15 years old when the inspector stated it may need to be replaced in 15 years and to plan for that future cost. Um, ok... Many inspectors let the home buyers know all of the future maintenance that will be involved, some just don't realize you need to work on all houses.

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  • moburkes
    replied
    Originally posted by Trier View Post
    I "had" a buyer for my house. We were at the point that the buyer had 10 days to do an inspection. On day 6, his realitor calls mine and says the buyer came by the house, during a 60 mh wind storm...saw some siding flapping in the wind, and has decided not to buy the house. "I" have recieved nothing in writing. My realitor says I am not entitled to the $1500. earnest money, because the buyer did a "personal inspection," and can therefore back out of the deal earnest money intact. ( This was not a special stipulation???)

    Is this true? I am having trouble getting a firm answer on this.
    Contact a local real estate attorney. However, I'm going to say that if the buyer DID hire an inspector, the inspector would find the same loose siding, which would still allow them to back out of the deal.

    Leave a comment:

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