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goldchair83

Guest
minnesota, accepted an offer on our home w/ $3000 for earnest money. the earnest money check bounced. asked for new earnest money check for approx. 1.5 weeks never got it so we withdrew our offer. potential buyer put money in escrow after our offer was withdrawn. we said too late. guy is mad and suing us for breach of contract. was there ever a contract? purchase agreement states earnest money will be deposited w/in 3 business days of signing... time is of essence.

[Edited by goldchair83 on 04-21-2001 at 04:28 AM]
 


HomeGuru

Senior Member
As far as I am concerned, the Buyer was in default of the contract the minute the check bounced.
Therefore since no earnest money was paid as agreed to in the contract, the contract terminated.
 
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goldchair83

Guest
dual agency

thanks for reply.... curious, this was a dual agency. why didn't realtor tell us of bounced check? let us go across country and put in offers on homes knowing we had no earnest money in escrow and did not tell us. when we got back to town there was a form letter that had been mailed from the realty company telling us of the bounced check. w asked realtor to cancel contract(purchse agreement), said it could not be done just because we did not have any earnest money in escrow.
 

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