return of earnest money...

[applecreek]

What is the name of your state?NC
we were in a contract to purchase a home in NC, and when the home was appraised the appraisal was not what the bank was looking for(large piece of land with modest ranch house), so the financing was not approved! we then went to another finance company, and tried this process a second time with an new appraisal company, again, no approval! at this point we decided to call it quits with this property, that was about 3 weeks ago now, and we still have not received our earnest money back!
the realtor has since disclosed that the seller is angry that the deal fell through, and that they shouldn't be surprised because this is the 5th time they have tried to sell this property! so, at this point we are ready to file a civil suit to get our earnest money returned! but my question is: since they have held it for so long, and we have paid for the inspections and appraisals, can we also file to have those expenses paid by the seller also! since they apparently tricked us into thinking this deal would work, knowing full well that it never has in the past! now they have decided to be difficult and mess us around for over 3 weeks waiting for our money, can we add these expenses to the suit?

[HomeGuru]

Originally Posted by applecreek

What is the name of your state?NC
we were in a contract to purchase a home in NC, and when the home was appraised the appraisal was not what the bank was looking for(large piece of land with modest ranch house), so the financing was not approved! we then went to another finance company, and tried this process a second time with an new appraisal company, again, no approval! at this point we decided to call it quits with this property, that was about 3 weeks ago now, and we still have not received our earnest money back!
the realtor has since disclosed that the seller is angry that the deal fell through, and that they shouldn't be surprised because this is the 5th time they have tried to sell this property! so, at this point we are ready to file a civil suit to get our earnest money returned! but my question is: since they have held it for so long, and we have paid for the inspections and appraisals, can we also file to have those expenses paid by the seller also! since they apparently tricked us into thinking this deal would work, knowing full well that it never has in the past! now they have decided to be difficult and mess us around for over 3 weeks waiting for our money, can we add these expenses to the suit?

**A: you can sue for anything.

[Charles11]

The seller should be kissing your feet for going to a second lender and having to shell out for another appraisal to try to buy his apparently overpriced property. He's angry with you?? What a maroon!!

I don't think the seller "tricked you", after all YOU, after having educated yourself on the market, were the ones to make an offer and agree to a certain price.

Is the agent saying the seller refuses to sign a termination?
Have your agent's boss contact the broker of listing office.

If the seller really wants to sell he should lower his price to the appraised level...

Chas

[onthelakeinnc]

Read page 3 #13f on your Offer to Purchase Contract.

Your Agent needs to step up to the plate with this. The sellers cannot make their home active as long as there is a dispute on a valid contract. Make sure that it is not returned to active on MLS.

If their Agent, which I am sure they did, knew that the house would not appraise go after them as well. Has your Agent or your Agents Broker in Charge contacted the listing Brokers firm and demanded release of escrow? Has your Agent let the other Agent know that you will be filing a complaint with the NC Real Estate Commission if they do not rectify the situation and return all expenses to you?


[url]http://www.ncrec.state.nc.us/contact-us/contact.html[/url]