Earnest Money Return

[gallop]

What is the name of your state? Illinois
My husband and I put in an offer on a house and put up earnest money. The contract said that the sale was contingent on our selling our home. We put our house on the market and after three months, had no takers, so we extended the contract for another three months. We only had one offer on our home which was not acceptable. We have informed the buyer's agent that we have not been able to sell our house and have taken it off the market.
Are we entitled to the return of our earnest money? The three month extention has expired. THe buyers agent refuses to return the earnest money saying we did not bargain in good faith.

[BelizeBreeze]

Originally Posted by gallop

What is the name of your state? Illinois
My husband and I put in an offer on a house and put up earnest money. The contract said that the sale was contingent on our selling our home. We put our house on the market and after three months, had no takers, so we extended the contract for another three months. We only had one offer on our home which was not acceptable. We have informed the buyer's agent that we have not been able to sell our house and have taken it off the market.
Are we entitled to the return of our earnest money? The three month extention has expired. THe buyers agent refuses to return the earnest money saying we did not bargain in good faith.

And what does YOUR attorney say?

[JETX]

Originally Posted by gallop

Are we entitled to the return of our earnest money?

You are IF that is what your purchase agreement says.

THe buyers agent refuses to return the earnest money saying we did not bargain in good faith.

It is not up to the agent (or anyone else) to determine what your intentions were... or were not.

Send the escrow agent a very nice 'demand' letter (certified RRR) giving them 5 days to arrange for a return of the escrow funds per the agreement. Include that if they don't, you will file a complaint with your state real estate commission and will take legal action to recover from their breach (of fiduciary obligation)