Posts Tagged ‘return earnest money’
Seller and Buyer Should Never Arbitrate If Mediation Is Unsuccessful
Question: We deposited $50,000 earnest money with the escrow company to buy a Cave Creek home. During the 10-day inspection period we met our home inspector at the home early in the morning. The morning traffic noise was horrific! We told our Realtor to get our $50,000 earnest money back and find us another home.…
Read MoreContract Contingent on Buyer Qualifying for Financing
Question: My husband and I signed an offer to buy a home in east Mesa, but the seller wants $30,000 earnest money. If we don’t qualify for the mortgage, will we lose our $30,000 earnest money? Answer: Probably not. Under the standard AAR purchase contract, the purchase of the home is contingent on the buyer…
Read MoreIf the Buyer Learns that a Neighboring Home is a Short-Term Rental Home, the Buyer Can Get Earnest Money Back
Question: In a recent column you said that if a seller and a buyer have a dispute about the validity of the sale of a home, the standard Arizona Association of Realtors purchase contract (“AAR Contract”) requires mediation before a seller or buyer files a lawsuit. We bought a home in Phoenix that we loved,…
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