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earnest money

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resa1972

Guest
I live in Wisconsin. I was buying a house but mortgage fell through. I have financial contingency checked on contract but realtor hand wrote on contract that earnest money in non refundable. Is there anyway I could get money back or should I just chalk it up as lesson learned?
 


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gottago

Guest
Was the no-refund thing put on the contract before of after you signed it?
 
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resa1972

Guest
it was put on before we signed it. We asked the realtor about it and she said it was only if we backed out for no good reason.
 
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cclovins

Guest
You can take them to small claims court and see if a judge will see it your way, but a contract is a contract and almost certainly you will lose the money. I would turn them into the better business B. Most real estate contracts don't work the way yours did. Any others and you would have gotten your money back.:(
 
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gottago

Guest
Sorry, but you've probably lost your money. Like the previous poster said- you may try suing in small claims court. Sometimes, just suing will cause the other party to settle to avoid going to court. You might get them to split the money 50/50 just to make the problem go away.

I've personally used that tactic in the past when I was on shaky legal ground...and it's worked. People don't like to be sued and appear in court. Many will settle just to avoid the whole process.
 

HomeGuru

Senior Member
resa1972 said:
it was put on before we signed it. We asked the realtor about it and she said it was only if we backed out for no good reason.
**A: then you have a good claim against your real estate agent. Make his/her company pay for your loss since they were playing around with your money.
If it was your understanding that you would get your deposit back if you could not obtain financing, then it is your real estate agents fault. Threaten to file compalints with the State licensing board and sue them to initiate their errors and ommissions insurance company.
 

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