Earnest Money

What is the name of your state?
Oregon

Please help. We are selling a house.
After 3 months we finally had an offer 5 days ago.
We accepted that offer-the inspection was to happen today (9/9)
The buyer told us yesterday (9/8) that he was no longer interested and gave no reason.
Our realtor told us that since we signed a disclosure we are not entiltled to the deposited earnest money.
There was nothing for us to disclose.
Are we not due the earnest money in escrow.
Thank you

[Souix]

Originally posted by RebeccaTina
What is the name of your state?
Oregon

Please help. We are selling a house.
After 3 months we finally had an offer 5 days ago.
We accepted that offer-the inspection was to happen today (9/9)
The buyer told us yesterday (9/8) that he was no longer interested and gave no reason.
Our realtor told us that since we signed a disclosure we are not entiltled to the deposited earnest money.
There was nothing for us to disclose.
Are we not due the earnest money in escrow.
Thank you

***Ok I think I may know what your Realtor is talking about. You must have signed a 3 page Full Disclosure when you listed your house. Once an offer is accepted on your property that Disclosure must be delivered to the buyer immedaitely or as soon as possible. Oregon law basically says that a buyer can rescind a transaction 5 business days after acknowledging receipt of Seller's Full Disclosure (read your copy and count the days from buyer's acknowledgement of receipt) for any reason. If that is the case, you are not entitled to the earnest money.***

[HomeGuru]

Writer, I suggest you have your Realtor fully explain the contingencies and the provision that allows the Buyer to walk without giving up the earnest money deposit.

In the contract, there should be various "out" clauses and it appears the Buyer has used one of them.