That is what earnest money is for. You pay it when you make an offer, so that the seller knows you are serious about your offer. And if you back out, you lose the money.
@BrianW211
4 ай бұрын
Yeah, it's strange that there was some wording that allowed them to pay it within 7 days instead of at the same time as signing the contract.
@thomasdalton1508
4 ай бұрын
But they didn't pay it. I would have thought the contract became binding on payment of the money. Usually, they refuse to take it off the market until you've paid so until you pay there is a risk someone else will make a better offer. If these guys took it off the market before receiving the money, that's very odd...
@realcomments7205
4 ай бұрын
Exactly. Many contracts only give you 1 or 2 days to pay the earnest money so you don’t hold up the seller. And if the earnest money isn’t paid there is no binding contract in those situations. And the seller can then sell to somebody else. Seller should have required earnest money within a day.
@barnabusdoyle4930
4 ай бұрын
You have a timeframe to back out and keep the earnest money. If the seller is claiming they wasted the sellers time, how about having followed through to the inspection period and backing out then instead and have wasted more of their time instead? Also, because no earnest money was delivered, the contract is null and void. And finally, he has deployment orders and so they are protected by the military clause. The sellers are looking for an easy payday and have no legal grounds to stand on. Let them take a military couple to court and face down the lawyers the military provides them for free. Good luck with that.
@prjoe95
4 ай бұрын
What is to stop the buyer from just waiting the seller out and the seller saying the 5k is not worth it? The seller can take them to court but if they are upset about wasting time then that doesn’t help them either.
@MichaelAnderson-wk1no
4 ай бұрын
Why are they criticizing the realtor? The realtor didn't do anything wrong. Sounds like they just want someone to blame their impulsive decision-making on.
@asafry2873
4 ай бұрын
She is preventing the realtor from selling, she deserves to pay imo
@katiejon17
4 ай бұрын
Yeah, her realtor isn’t “helping” because she knows they have to pay.
@TheHalfheartedproduc
4 ай бұрын
Because it’s the realtors responsibility to look out for the best interest of the client. It’s part of their job to navigate them through the process (or out of it).
@NORTAH85
4 ай бұрын
@@TheHalfheartedproducagree! The realtor needs to step up and tell them to pay and get it done and over with! Not ghost them!
@enricopallazzo3244
4 ай бұрын
I don’t think they grasp the concept of earnest money.
@57_Triumph
4 ай бұрын
Your realtor is upset because they presented the offer in good faith.
@Pablo-cs5sc
4 ай бұрын
and they are losing out on their commission lol
@57_Triumph
4 ай бұрын
@@Pablo-cs5sc the realtor does not receive the deposit. Realtors only get paid on a successful sale.
@Pablo-cs5sc
4 ай бұрын
@57_Triumph that's what I meant, since this lady is backing out, no sale will go through. I would be upset too. Probably spent some time doing all that work for nothing
@pepperonish
4 ай бұрын
Some might say that the offer was made... in earnest
@Sizukun1
4 ай бұрын
Their agents aren't "helping out much" because you're being dumb and backing out on the deal after signing contracts. Theres nothing your agent can do and is frustrated you're wasting their time.
@OtisFlint
4 ай бұрын
Yeah, that "don't use them again" was completely stupid. Like it's the agent's fault they tried to buy a second house with $15k in the bank for the convenience of running errands. She and her husband are both morons, but she gets the lion's share of the blame.
@JakeStewart1343
4 ай бұрын
You know this isn't the first nor last time she'll use her "Military Wife" card. 😂
@funtechu
4 ай бұрын
She whipped that thing out like she was the Arizona ranger staring down Texas Red.
@Vots
4 ай бұрын
I bet she wants the gate guards to salute her
@EverElia
4 ай бұрын
@@funtechu😂
@EverElia
4 ай бұрын
@@VotsLOL 🤣
@AtlasAdratica
4 ай бұрын
My husband's rank is... 😂
@laurendearnley9595
4 ай бұрын
Dave would not have been as gentle with her 😂
@OtisFlint
4 ай бұрын
He's a simp, but even he would have had more backbone here.
@etiennedegaulle3817
4 ай бұрын
@@OtisFlint Not sure. She played the ole I'm pregnant and my husband is in the military card. Dave usually falls for that. He would have blamed the husband.
@funtechu
4 ай бұрын
@@etiennedegaulle3817 Glad Jade didn't fall for that at least, even though George did. Jade is 100% right here.
@danielrn133
4 ай бұрын
She is giving all these reasons like "we were scared" and all this. No one cares if you are scared. You are adults. You signed a contract. Done deal.
@Sizukun1
4 ай бұрын
I've been watching too many police chase videos; "I was scared" is like the #1 reason criminals run. Saw your comment before the intro finished and got really confused haha
@djpuplex
4 ай бұрын
Running errands 😭
@205rider8
4 ай бұрын
Go buy a car so you will not qualify financially.
@MisterNightfish
4 ай бұрын
I love how she's completely in the wrong but somehow it's the other person's fault. Does she think contracts are invalid because you got scared?
@OtisFlint
4 ай бұрын
@@curiouscat3384 Lol, no. They just don't want to take responsibility. They didn't believe they weren't committed until 7 days after signing, they just had 7 days to submit payment.
@jordanmcmurray5785
4 ай бұрын
It’s the Amazon effect. People think they can just change their minds because they are the consumer. In my construction business it’s 50% up front non refundable. Individuals and small businesses aren’t a trillion dollar company so don’t waste their valuable time.
@katiejon17
4 ай бұрын
“I don’t know why they won’t let us have our own way eve when it screws them over?” - Taylor
@Trewq79
4 ай бұрын
It’s nuts how biased some of these calls are. They’ll call, state utterly nuts things that they did wrong, and then point at others and say “I don’t know why they’re being so difficult”
@barnabusdoyle4930
4 ай бұрын
She’s not in the wrong. The contract goes into effect with the delivery of the earnest money and you have a lot of time to back out of the contract without penalty. The sellers are wasting their time here trying to snare buyers for a house they clearly have very little interest in. This lady has the military clause as a defense legally too. She is not in the wrong.
@ryanward9625
4 ай бұрын
In Kentucky the seller can sue for 3 times the earnest money if the buyer breaks the contract without good cause.
@funtechu
4 ай бұрын
In Wisconsin it's limited to earnest money plus actual damages, but yeah perfectly normal outcome for breach of contract.
@FrankS111
4 ай бұрын
This is NOT the fault of the realtor. She signed a contract. She broke it and backed out and owes the $3k per the contract. I’m sick of these young women who absolutely refuse to accept accountability for their decisions and make excuses “well we were scared”
@lavenderkisses9461
4 ай бұрын
I agree, but let’s not blame “the young women.” Her husband is involved too. They both screwed up.
@OtisFlint
4 ай бұрын
@@lavenderkisses9461 He's an idiot too, but you can tell she's the one who pushed for this because a 25 minute drive for a SAHM was just way too much for running errands, LOL.
@treasurethetime2463
4 ай бұрын
She owes. She pays.
@FrankS111
4 ай бұрын
@@lavenderkisses9461 she’s the one who wanted to back out and he went along with it for the sake of his marriage. She said that the drive to run errands was too long for her. This was her decision to back out thus it falls on her shoulders.
@asafry2873
4 ай бұрын
AND the realtor cannot sell because her offer is in limbo.
@tsx0013
4 ай бұрын
I dont feel bad for the caller at all. Eau Claire, WI, is a "Big Town" in wisconsin. It's not 25 mins from anything. It has everything, from college, daycare, healthcare, schools, shopping centers, etc. The seller possibly turned down guaranteed offers for you to back out. Now they have to relist their property possibly at a lower price point and go through the troubles of explaining why your deal fell threw. Grow up!
@sharkdom
3 ай бұрын
I think the problem is that caller is 25mins out of the town....
@moonaj89
4 ай бұрын
"Legally binding" is the accurate response to this caller
@gregtetzlaff
4 ай бұрын
You owe the earnest money. Case closed.
@megalodon1726
4 ай бұрын
Not necessarily. If the contract is worded in a way that it doesn't become binding until the earnest money is paid, with the seller still allowed to keep the house on the market while waiting for the earnest money, they would not owe the money because the contract never became binding.
@gregtetzlaff
4 ай бұрын
@@megalodon1726Super fair! Thanks for correcting and educating me
@funtechu
4 ай бұрын
@@megalodon1726 It's form WB-11 for where the caller lives and it's a standard form. Relevant sections: 1. The contract is binding after the accepted offer is delivered back to the buyer, not after the earnest money is received. 2. The contract requires earnest money to be delivered within the given period (5 days by default, caller may have written this to be 7 days). Payment of earnest money deadlines is a "time is of the essence" date. 3. "If 'Time is of the Essence' applies to a date or Deadline, failure to perform by the exact date or Deadline is a breach of contract." 4. If the buyer defaults, the seller may "(1) sue for specific performance and request the earnest money as partial payment of the purchase price; or (2) terminate the Offer and have the option to: (a) request the earnest money as liquidated damages; or (b) sue for actual damages So it's a pretty clear cut case. They breached the contract, and the seller is requesting damages in accordance with the contract. If the caller is foolish enough to take this to small-claims court (or just let it go to court, since ghosting seems to be their MO), then they will lose and be forced to pay the damages.
@TheSoulCrisis
4 ай бұрын
I think this is a bullshit tactic to suck money out of the small percentage of people that will change their minds. People don’t have money to be throwing away for a home they aren’t even securing….that’s why you gotta know the fine print!
@mamajojoworld798
4 ай бұрын
She is lying. They are dishonest. I am a realtor. The real estate agent made the offer in good faith. They kept changing to me and were unsure. Any real estate agent will be mad working with unstable people. The realtor integrity is on the line. The earnest money goes to closing costs. The sellers took their home off the market. They signed. Poor real estate agent dealing with bad clients.
@aolvaar8792
4 ай бұрын
The Sellers never took the home off the market even though I put earnest money with the Title Company. Later on, I found out that the home had failed inspection prior to me. My inspection cost $2000, 33 defects, 8 red tags. I offered the written inspection for free, No thanks, we would have to disclose to new buyers, we will wait for someone who does not inspect.
@terrykelly7709
4 ай бұрын
You are a realtor and you would take a home off the market before you get the earnest money? You are a realtor, you should know the contract has to have consideration for it to be valid. That’s why it says, you gave the seller $1 or $10. Now the contract is valid. Both have to give something for the contract to be valid.
@thomasdalton1508
4 ай бұрын
@@terrykelly7709The consideration doesn't have to be money now. It can be a promise of money in the future. I agree, though, it makes no sense to take the house off the market until you have the money. That's what the money is for - you are paying the seller to take it off the market and work exclusively with you on a deal. The contract shouldn't be binding on either party until the money is paid.
@neutralcommenter7800
4 ай бұрын
@@terrykelly7709 Lol. The money doesn't have to change hands for it to be a valid contract. You just have to make promises that include consideration. So yes, once the contract is signed, the realtor is supposed to change the listing to "contingent" and once all contingencies are released, it should be changed to "under contract".
@sergiotostado8438
4 ай бұрын
Never use the realtor again? What a joke! The relator has egg on her face for representing clients that backed out of legal contracts. It’s the realtors who should not work with these people again.
@jasonmoquin
4 ай бұрын
And the Realtor did that work for nothing. You typically don’t make any money as a buyer’s agent until the closing.
@AaBbCcDdEeF
4 ай бұрын
Good for the realtor.
@TheHalfheartedproduc
4 ай бұрын
Realtors have the fiduciary responsibility to their clients best interests. It’s not an ideal situation, but it’s part of the job.
@lindap.p.1337
4 ай бұрын
@@TheHalfheartedproducShe may not have told the entire thing.
@Aki_Lesbrinco
4 ай бұрын
@@TheHalfheartedproduc the realtor doesn't have to do squat if their customers are liars and cheats.
@pneron2032
4 ай бұрын
People jump into marriage and houses without actually appreciating 1% of the massive legal and financial consequences.
@audreyoberg5931
4 ай бұрын
The point of earnest money is in case you back out for no reason. They need to pay it. 🤷🏼♀️
@audreyoberg5931
4 ай бұрын
As someone who sold a house last year and had someone waste over a month of our time, you need to pay it. You wasted their time.
@JakeStewart1343
4 ай бұрын
@@audreyoberg5931Yeah, but she's a military wife. therefore, her needs matter most. 😢
@LightningN1NjA
4 ай бұрын
@@JakeStewart1343the US military is trash
@andrewbarry3062
4 ай бұрын
Everyone here is guessing. All Real Estate contracts are state specific. READ THE CONTRACT!! Specifically the termination or default section. In Florida she would NOT owe the money. Talk to a Real Estate attorney.
@jaehwan123
4 ай бұрын
In Oregon, it would be really really hard for the seller to come after her. We actually have legal precedent that enables buyers to pull out for just about any reason. The fact that the seller doesn’t have money in escrow makes it even harder. The Ramsey team gave good moral advice, but if this were Oregon, it would be bad legal advice.
@debbieholoquist2059
4 ай бұрын
I just found this information on a title company site: "REGULATIONS FOR A PURCHASE AND SALE AGREEMENT? The Florida Laws and Regulations for purchase and sale agreements are as follows: All purchase and sale agreements must be in writing. The agreement must state the names of the parties involved, as well as the address, legal description, and purchase price of the property. The contract must be signed by both parties. Once the contract is signed, it becomes a legally binding document. If either party breaches the contract, they may be held liable for damages." There is no mention of an exchange of funds being required to make a purchase contract legally binding.
@leonoza7
3 ай бұрын
@@debbieholoquist2059 you are 100% correct There is no mention of an exchange of funds being required to make a purchase contract legally binding. but you are leaving out the contracts "LEGAL DESCRIPTION" of contract , the above statement dosn't include whats in the contract and provisions within the contract .. so lets go over what these 2 "financial advisors approach should have been more thorough by asking for the exact contract details. This would ensure a better understanding of the caller's obligations and the potential legal standing of the seller’s demands. Emphasizing the importance of legal consultation and contract review is crucial in such situations to provide accurate and responsible advice. the problem that these 2 financial genesis gave as legal advice was a failure to ask for exact wordage of contract . in other words they gave advice without knowing at all what the contract stated .. without that info they gave poor advice ..
@Alex-mj5dv
4 ай бұрын
I have sold and bought over 10 properties in my lifetime. Wouldn’t consider a contract as cut and dried and green-lit until earnest money is paid and then full-deposit due (if not cash buyer). There is a reason it’s held in escrow until full closing. Again, the realtor makes nothing from earnest payment. It really is there to stop time wasting and extraneous fees and expense against time elapsed for the seller. It sorts the wheat from the chaff. Again, case in point with this woman and her husband…
@jaehwan123
4 ай бұрын
Yeah, I don’t know what the rules are in Wisconsin, but in our state, it’s not really a contract until that money is actually paid. Even after the money is paid, usually the buyer is able to pull out anyway for whatever reason. The law in our state doesn’t really provide all that much recourse for the seller.
@funtechu
4 ай бұрын
It depends on the state. In Wisconsin (where the caller is from) it's binding as soon as the signed acceptance is delivered to the buyer. Any breach of contract from that point onward is a proper breach of contract, and the seller is entitled to the earnest money plus actual damages (if any).
@KazzBerries
4 ай бұрын
They owe the money. Pay and move on.
@xsgtxbigboy1655
4 ай бұрын
“She’s refusing to sign the contract” you owe them money that you signed you owe them that money then they can sign the contract
@LightningN1NjA
4 ай бұрын
Yeah, maybe in the 70s it was a legit thing but now the “military” thing is straight up cringy
@funtechu
4 ай бұрын
@@LightningN1NjA Try more like 40s or 50s. The 70s was near peak military hate due to the Vietnam war.
@bestbudsourchannel4807
4 ай бұрын
She and her husband need some damn integrity! They are totally at fault! Dave would've handled this better!
@djpuplex
4 ай бұрын
My guess the husband knows this. She's just trying to get her way as she's probably done her whole life.
@LightningN1NjA
4 ай бұрын
Military lost its integrity a very long time ago
@blackworldtraveler3711
4 ай бұрын
They need to review the contract they should have read before signing. Especially the part about what happens when you change your mind and don’t want to pay. Nobody reads anymore.
@hardchooligan
4 ай бұрын
As a combat vet myself, this really irritates me what this caller pulled. They signed a contract and then didn't honor it because "emotions". If they were first time home buyers who didn't understand the process id have some sympathy, but they are already home owners! They know how it works! Sorry your husband is deploying(you know like we agreed to do) but that doesn't give you the right to screw up someone else's situation, especially since you live in a military town and its a high probability they are also military! By the way if they are, seller can just take those contracts down to his JAG and make life real stupid for you. Cant force the sale, but absolutely can punish your husband under the UCMJ and have his pay docked to recover some of the money(lord help you if the seller was an officer). Im giving worst case scenario here, but people need to use their brains and expect wife of military to be a get out of jail free card 🤦♂️
@chrismartin1215
4 ай бұрын
For a contract to be valid all parts of the contract has to be meet. This contract was never valid in the first place because the earnest was never paid. The earnest money was a stipulation for valid contract.
@LightningN1NjA
4 ай бұрын
Oh combat vet!!!!! You’re a super cool person!!! I wanna be like you when I grow up! Haha I’m kidding
@edhcb9359
4 ай бұрын
They aren’t going to “seek legal council” over $3k earnest money. Next….
@tmi4507
4 ай бұрын
I hope the house owners get the $5,000 out of this woman 😂
@unelectedleader6494
4 ай бұрын
Wanted to buy a house due to a 25 min drive to get groceries? Oh boy. And 25 min is not "far out of town". Thats where people strive to live.
@mistiinseattle
4 ай бұрын
Not al of us lol. I would go crazy. :)
@aolvaar8792
4 ай бұрын
150 yards to work and 150 yards to groceries and 150 yards to medical and 150 yards to bank 150 yards to transit station and rail
@rickm6076
4 ай бұрын
Sounds like extended college dorm life. These people are married and starting a family. They need space.
@1978wisper
4 ай бұрын
People strive to live in the suburbs, not in a nothing town with no grocery store or restaurants.
@Joseph565112
4 ай бұрын
Why would there be a bunch of restaurants, she's only 20 minutes from town!
@jochyperez3826
4 ай бұрын
A little too late but an easy way around this would have been to hire a home inspector, spend the $500-600 cost and get the inspection and tell the seller there were some red flags in the report (there are ALWAYS issues found) and that you don't want to proceed. $500-600 is better than 3-5k in this case. Good luck.
@RepentImmediately
4 ай бұрын
An inspection would need to be one of the contingencies of the offer
@Excalibur2
4 ай бұрын
That's kind of what happened to me, had an inspection and decided it wasn't worth it because of hidden water damage, broke the deal off and got my earnest money back.
@Mr.Boring_Man
4 ай бұрын
The contract provides details that don't describe their EXACT SITUATION, which is what they believe makes them the exception. For instance, I signed a contract that stated if they do [x], I pay (x), but nowhere in this contract spells out if my mom cusses me out the day I was suppose to pay then I'm know longer liable. Contracts doesn't say that exactly. Unexpected circumstances don't nullify a contract. You can be inconvenienced and still be accountable for your obligation. Thanksfor his service!
@AaBbCcDdEeF
4 ай бұрын
So people like her are the reasons that cleaning solutions have warnings that say do not drink?
@erbjp
4 ай бұрын
When you sign a contract it’s assumed that you read and understood the contract.
@MikeIsCannonFodder
4 ай бұрын
I think from the seller's perspective they're at the point of "pay us 5k or we go to court," so they're offering a settlement w/o court of the original money plus a 2k "avoid court" fee.
@adamseidel9780
4 ай бұрын
If they show up with the three grand the sellers will take it, the five grand is a threat. If it goes to court they’re definitely gonna start wracking up court costs to pay over the $3,000
@funtechu
4 ай бұрын
@@adamseidel9780 Yep, 100%. The contract that they signed (WB-11) entitles the seller to the earnest money plus actual damages. So if the buyers properly pay the earnest money like they should, then that will limit the actual damages, whereas if they go to court, even for such a cut-and-dry case as this there will be at least some legal fees which the sellers will be entitled to recover. So the $3k/$5k difference isn't so much a threat as just the reality if the buyers are going to drag things out in court for something they clearly owe.
@truthsayer9534
4 ай бұрын
I had a buyer come to my door to get his earnest money back after he decided not to buy. I was nice and gave back his check but I didn’t have to do that. It was thousands of dollars. Fortunately we sold to someone else shortly after that because we live in an area where homes appreciate and sell quickly.
@tjbalistic
4 ай бұрын
Legally you owe them the money. But make them take you to court. The seller won't. They will forget about this once they get a better offer.
@mike112079
4 ай бұрын
Yeah but the issue is that they can’t even entertain other offers while this caller is wasting their time with her BS!!
@OtisFlint
4 ай бұрын
I would spend $5k to make $3k out of principle.
@cherylbroadenax1006
4 ай бұрын
Correct. I would not pay 3k. Seller can sue. What will they get. Yes this buyer is flakey. The agent is probably tired of this buyer. I am a realtor and I would be also. But as a buyer I would not fork up 3k.
@mike112079
4 ай бұрын
@@cherylbroadenax1006well you sound reasonable so I bet you also would not put down earnest money and then change your mind. I sure wouldn’t. This caller is indecisive AF lol
@mph5896
4 ай бұрын
Sounds like the seller is currently held up since they have a signed contract. I personally would tell my selling agent they voided the contract by not providing earnest money and put it back up for sale. If the selling agent refused, break ties with them and move on
@robloxvids2233
4 ай бұрын
Young people aren't accountable for anything. She went through our school system with no consequences for not doing homework or for bad behavior.
@Excalibur2
4 ай бұрын
Don't, just don't.
@gabrielleolivia1
4 ай бұрын
Hi Realtor here, yes if a contract is not yet terminated through a termination agreement then they are still legally under contract and the seller cannot enter into another contract with anyone else. If I were the seller I would be very frustrated but I would just move on and get my house sold. No point in threatening legal action over $3k, you’ll spend way more than that on a lawyer.
@RB-gt8bf
4 ай бұрын
Pay the people their money. A contract was signed.
@JeremyThePerson
4 ай бұрын
I don't know about this advice... In Texas during the option period, We can cancel for any reason. Don't even have to give a reason . As long as it's during the option period. That's why I have an option fee which is usually a couple hundred and that's what the sellers receive For the cancelation. And the earnest money goes back to the buyer. It doesn't matter if the other party doesn't sign the termination papers. After either 7 or 10 days (can't remember) it's all automatic.
@allday283
4 ай бұрын
Wish Dave was on the call
@GG-zn5hx
4 ай бұрын
The upset real estate agent and the mad seller happened because they dealt with a couple of absolute clowns.🙈...And the scared part is bull shit as later in the call she mentioned they were buying that house out of convenience to be closer to town.
@MrMustangrick
4 ай бұрын
Read the contract! If buyer backs out, typically seller keeps the deposit as liquidated damages (in Florida).
@lkj0822g
4 ай бұрын
Dave really needed to take this call. These two yahoos do not know a thing about real estate other than they each bought houses and signed a stack of paperwork. Also, real estate laws are state specific, meaning that calling a radio show in Tennessee probably isn't going to give them the most accurate advice for Wisconson. In many (most, all?) states, a buyer has a period of time that they can back out of a real estate deal, even after paying the earnest money. This is a period of due diligence, which allows the buyer time to inspect the property, do their research, etc. There are also special regulations regarding military personnel. The caller stated they "cancelled" the offer. There is a process to back out of the deal and perhaps they didn't submit the proper paperwork? Who knows.
@jaehwan123
4 ай бұрын
Agreed. In Oregon, this contract would have no teeth at all, especially without having received the earnest money. Sure, morally, they should probably pay what they said they would. But legally? I don’t think there’s a single legal path in Oregon for the sellers to get anything! I’m pretty sure we’re not the only state like that.
@Rebecca-ci3zc
4 ай бұрын
It isn’t really about real estate, it’s about a contract, and you’re a “yahoo” since you couldn’t get that.
@jaehwan123
4 ай бұрын
@@Rebecca-ci3zc What? Why is ikj a yahoo for pointing out that the contract might not be legally binding? That's the entire point of the contract, right?
@lkj0822g
4 ай бұрын
@@Rebecca-ci3zc My bad. I mistakenly thought buying a house and paying earnest money was about real estate. If the purchase contract specifies that the buyer has a "due diligence" period, usually 10-14 days, then the buyer can back out for any reason, or no reason, and receive a refund on their earnest money. Many states mandate that this due diligence period be included in real estate contracts.
@ulf5738
4 ай бұрын
Dishonest people
@BaconMountainMan
4 ай бұрын
A decade ago, we signed a contract but because of a wonky situation, we couldn't get financing. This lady doesn't have and such excuse.... She should pay up.
@expertonnothing6624
4 ай бұрын
The only way you can resend on the offer of earnest money is if the offer is contingent on an inspection and appraisal. So if you are not satisfied with the needed repairs and maybe the house doesn’t appraise for the amount of the sale and offer was contingent on that. Then. You can cancel. Otherwise, you gotta pay. Can’t hold up other people
@mariorta5017
4 ай бұрын
We are debt Freeeeeee!! Paid $320k in 2.5 years. Never again, Thank you, Dave, and crew. 04/05/24 did my last payment. 🎉🎉🎉🎉🎉🎉🎉
@Savedandfreed
4 ай бұрын
Congrats!! 🎉
@Shelly_B
4 ай бұрын
That's wonderful! Congratulations! Now you can live and give like no one else!
@lora9664
3 ай бұрын
I’m in Florida -she would not have to pay the money if she was in the inspection period. You can cancel for any reason or no reason. It’s usually 10 days but it’s contract dependent.
@Caviarhound
4 ай бұрын
The only good advice here was to consult someone with knowledge.
@ga6257
4 ай бұрын
I would pay extra to live 25 minutes out of town..... I don't get why they wanted to move...
@scottsanders2474
4 ай бұрын
I am not a lawyer, but I would think they owe the $3000 they signed up for. The purpose of "earnest" money is to give the seller some confidence the buyer is making a serious offer so the seller will be willing to take the house off the market. If the sale doesn't go through because the buyer pulls out, they still owe the money. No refunds. The buyers should not have to pay anything above the $3000. Just because the seller is pissed because the buyer is backing out doesn't mean they get to tack on a "pissed off" fee that is more than the contract that was signed.
@timothygibney159
4 ай бұрын
They can sue for damages. The extra 5000 was to scare them to settle out of court
@truckingwithtobee
4 ай бұрын
Stop blaming the realtor!!! You have to pay the earnest money!!!!
@JessicaLovely1
4 ай бұрын
I just had this happen in Florida. Buyer never paid earnest money, but here my lawyer said they can walk away free. 😢
@blackworldtraveler3711
4 ай бұрын
Realtors and sellers apparently don’t forget when you’re dishonest and don’t pay earnest money after signing contract. When I put my rentals on sale last year in Oklahoma I received 15 offers within two weeks and some of them were crossed off the list because of this. When I was house hunting and buying my second home on Marco Island in 2008 the same thing happened. I would imagine lenders would be a little hesitant to deal with someone like this as well.
@jaehwan123
4 ай бұрын
Would’ve been the same in Oregon. There would be no path for that seller to get anything out of the buyer.
@bigshotadventur18
4 ай бұрын
Get yourself a new lawyer, he needs to go get a refresh at law school.
@daelkolwitz3509
4 ай бұрын
She's ruining their finances based on her feelings. "We already have a home. We are 25 miles away from the city, and I feel alone." Pay the Earnest Money.
@aberjamm
4 ай бұрын
Everyone needs to be made aware of what is called an Option Period. It is a timeframe in which the buyer and seller agree that you can back out for any reason and not lose your earnest money. Usually about 7 days.
@brooklynzoo81
4 ай бұрын
You signed. Eat it!
@jaehwan123
4 ай бұрын
I don’t know what the rules are in the state of Wisconsin, but in my state, it’s not really considered a contract until that money gets paid. With the money held in escrow, the seller has a little bit of pull. But even after the earnest money is paid, the buyer is usually able to pull out for whatever reason. We actually have a legal precedent for that. This is one of those situations where the caller is clearly in the wrong. But if it were in my state of Oregon, a lawyer would probably tell her not to worry about it. The way the law is written, it would be very hard for the seller to go after her for that money.
@willelliott5052
4 ай бұрын
I am not a realtor, but I have owned many homes. It seems to me, per the contracts that I have signed, that they might need to pay the earnest money, go thru the motions of the inspection, and then cancel prior to the inspection deadline. However, considering that the sellers are demanding an extra $2,000 with no legal basis, they almost certainly will try to unlawfully refuse the refunding of the earnest money. Lost time on the market is the reason for the earnest money in the first place. The sellers are as bad as the buyers.
@timothygibney159
4 ай бұрын
Nope. If it’s an investor he is paying insurance and taxes without a tenant. The extra $$$$ is to force the buyer to do pay without court. The judge will side with the seller since it’s in the contract
@osomartinez
4 ай бұрын
just an example of people thinking they are entitled
@DoctorSmartyPants
4 ай бұрын
Honestly, i have never even heard of a sales contract that did not include the earnest money with it upon signing. As soon as that offer is accepted, it becomes a contract, and the earnest money is immediately deposited in escrow. Never heard of "you have 5 days to pay the earnest amount".
@random-nz7dy
4 ай бұрын
They weren't nearly harsh enough. You signed a contract promising that money. End of story. Having a baby and a husband in the military Do not constitute reasons that I would expect a seller to forgive backing out. And newsflash lady, the reason your wheeler isn't helping you is because she's effing pissed at you. It makes her look bad as well when her clients are backing out. When a realtor makes an offer for you they are also assuming that you are going to be a person of integrity regarding the offer. Complete lack of integrity in this situation
@BrianW211
4 ай бұрын
There's no reason the seller can't put the house back on the market. Taylor and her husband are already in breach of contract by not paying the earnest money within 7 days. It makes me think that the house is way overpriced or there's something really wrong with it.
@AdamKazarian
4 ай бұрын
I just closed on a new deployment in California early this month. 1 of 15 units backed out last mintue days before closing. Good faith earnest deposit to reserve the one unit was 20k. You did not have to put the money down, but if your prequalify took too long and someone else came in you could loose the one you wanted. That person lost their 20k, crazy to think about it.
@kariforgie457
4 ай бұрын
We don't accept offers on homes without an earnest check included.
@grayandgray
4 ай бұрын
Did they know "earnest" actually has a definition? "resulting from or showing sincere and intense conviction". These two shouldn't be allowed to run over to a victim mindset. Thank you for your service and your $3000...
@MustyGrapes
4 ай бұрын
I'm going to go out on a limb and say the seller is having a hard time selling their house if they are foaming at the mouth for the 3k (or 5k) and/or keeping the offer "open". The housing market has never been worse, this kind of thing is bound to happen. And as the market gets worse, it will happen more often.
@krassimirpetrov7131
4 ай бұрын
This happened to me ! I lost my money because I backed out after the inspection. That’s what contract said and that’s what I did
@ojg386
4 ай бұрын
You have a house and it’s better staying than moving at this time. By the way, you signed a contract.
@juniorgod321
4 ай бұрын
The "scared" excuse to get out of a legal contract only works in prenuptial agreements!
@bigpicturethinking5620
4 ай бұрын
It’s just a typical modern American woman’s excuse
@ItsEricAZ
4 ай бұрын
He can use his unit legal office for advice. They should also go to their Realtor's broker and ask for their advice. The Sellers would be wise to just accept the cancelation and get their house back on market.
@matthewferrick3288
4 ай бұрын
That's the point of erenest money. The seller is basically taking the house off the market because you say you're serious. It's good faith money. If you don't understand this, your not ready to buy a house.
@danieljohnson4418
4 ай бұрын
Under real estate law, you entered into a binding contract even without having paid the earnest deposit (i.e., consideration).
@terrykelly7709
4 ай бұрын
For the correct to be binding, both people have to give something. What did the seller give? Seller pulled it off the market (without getting the earnest money). That’s on the seller (the seller has to mitigate their damages--I.e. not take it off the market until the seller gets the earnest money)
@danieljohnson4418
4 ай бұрын
@@terrykelly7709: That's why I specified "under real estate law." Under traditional contract law, if there is no consideration, there is no contract.
@michaelatchison2325
4 ай бұрын
Depends how the contract is written but it seems like if she doesn’t pay the $3,000 in the 7 days than the purchase contract is null and void and the seller can take other offers. I don’t know why the seller is insisting they go ahead with the sale, these buyers don’t seem very certain about the deal.
@catherinewilke5583
4 ай бұрын
They don’t want to go through with the sale, they want the phone people to pay the earnest money that they are legally obligated to pay, for jerking the seller around for a few weeks.
@chevyracing1080
4 ай бұрын
Rookie mistake.. always have a back-out clause in your offer letter for any reason within 7 days.
@neutralcommenter7800
4 ай бұрын
How do neither of these hosts or any of you commenting on here know that there is no issue, none, with cancelling based on the inspection contingency. You pay the deposit, do an inspection, then cancel based on literally anything that comes up during the inspection. The first realtor I ever used told me that until all of the buyer contingencies are released, you can use any of them to back out. The issue is that the buyers now told the seller that they just don't want to proceed, which does not fall within a contingency so they are out of luck because they can't now claim they are backing out because of the inspection.
@chrismartin1215
4 ай бұрын
The contract is not complete if the earnest money is not paid
@Bitter65
4 ай бұрын
Should have done the home inspection process and found a pretext to back out, there's always something wrong with any house.
@cyoohoos
4 ай бұрын
Dear Young Lady, Here is advice an attorney gave me when I was in your situation. They are puffing. Yes they can demand the earnest money but attorney fees will cost them way more. Ignore it. P.S. it worked every time. Also, EVERYDAY they spend fighting you is a day they can’t market their home to someone else. Either something is wrong with that home or they are penny wise and pound foolish
@nickroberts9377
4 ай бұрын
Thats such scummy advice
@danieljohnson4418
4 ай бұрын
The small claims limit in Wisconsin is $10,000. The seller(s) would be wise to bring suit in small claims court and avoid incurring the expense of an attorney. With that said, attorneys' fees are typically available to the prevailing party when a matter arises out of contract.
@OtisFlint
4 ай бұрын
Lol i would sue you in a heartbeat. Let the lawyers keep the money, i could care less, it's principle.
@tugboatsvideoemporium6476
4 ай бұрын
I was a shitty person and broke a contract like this right in February of 2019. We just put an offer in, covid started to look serious, and we were like 'uhhh, we can't buy right now.' We ended up giving the owner $5,000 for breaking the contract, and that settled the problem. It sucked, but it felt like the right move at the time.
@amydoran9987
4 ай бұрын
She signed a contract. She should have read it before she signed it.She seems immature and definitely is not ready for this type of situation.She chose the life she has, if her husband is deployed or not.
@ajalicea1091
4 ай бұрын
Talk to ACS for assistance. With being military there are things that the seller CAN DO. Talk to JAG too. They will know what you need to do.
@pepperonish
4 ай бұрын
I agree about settling for 3 If the seller even has the hint that you would drag five thousand into quart, it wouldn't even be worth their time.
@djpuplex
4 ай бұрын
You signed a contract you owe it. They don't care pay up and move on.
@richardw3470
4 ай бұрын
Ask the JAG. If the husband is military, facing deployment, there used to be laws (I think it was laws) which overruled contracts, etc. A lot of wives went 'home' to be near family when the husbands went overseas or even if he was suddenly transferred to a different base and the entire family, naturally, went with him. Ask his Sgt, CO, someone with more military knowledge than you; even a long-time military wife might know where to point you for help.
@Jack-pd4ps
4 ай бұрын
The Sellers probably have another place in the works and they are screwing them over bad.
@takethecurseOFFwashingmachine
4 ай бұрын
That could be true, and it sounds like aside from the callers actions, they are taking the dumbest route to get there. There was a signed contract, but no money was ever exchanged. 5 days later the buyer changes their mind. Say F u to the buyer, re list the house, and move on. Instead you’re keeping yourself in limbo hoping to get an extra 3-5k you may never see………I guess all markets are different , but by me when you sign the contract, you pay at that point, not a week later.
@greggpurviance7252
4 ай бұрын
This stuff happens all the time. Not a real offer w/o earnest money when we sold property
@iamkesha.
4 ай бұрын
I thought there was a 72 hour timeframe to change your mind. It does in Georgia and I got all of my money back when I changed my mind within the 3 days.
@zugzug6773
4 ай бұрын
Just don't pay. The end. They may threaten and do whatever but at the end of the day they wont do anything.
@endurence2005
4 ай бұрын
She should speak to a lawyer.
@elizabethallen4353
4 ай бұрын
Kinda depends on the contract. We backed out of a contract legally within the alloted ten day time frame. Earnest $ was returned. They weren't happy but we were within the legal parameters of the contract.
@baysideharpy8350
4 ай бұрын
Accountability 101
@anthonykence9954
4 ай бұрын
The real estate should forget this and stop chasing her for the money, and go find someone else to buy the property . Forget it
@Echodot232
4 ай бұрын
Wow. U should have really thought before you signed. I don't blame them for being mad. You should be on the hook for payment I believe
@leonoza7
3 ай бұрын
the problem with this call coming from both the 2 advisors and the caller is not including the actual specific terms of the contract .. without the caller reading out the section of the sections related to the earnest money, any contingencies, and the consequences of backing out of the deal? Real estate contracts can have precise language that determines your obligations and rights, and knowing these details is crucial. these financial advisors , simply omitted the actual contract and inserted their own interpretation without knowing any specifics of the contract .. for that these 2 advisors are merely opinionated guesses and potentially causing the caller financial $$ that they are not obligated to pay
@jcorona6627
4 ай бұрын
Why would they want to sign another contract with you if you broke the first one? This person is irresponsible and untrustworthy.
@bigpicturethinking5620
4 ай бұрын
The “other” contract they wanted them to sign was one releasing them from the whole thing without paying anything. That’s why the seller didn’t want to participate in that.
@stevegolacks8731
4 ай бұрын
Simple. If there is a inspection contingency, that is your way out. Tell them, just kidding, we will take the house, and an inspection has been scheduled. The inspection will cost you $500, but 100% of the time, the inspector will find something you dont like...then you can say, we are backing out due to the inspection. This is alwys a way out of a house contract. I had an inspector note that the driveway had a crack in it when I was looking at a house decades ago...i found a better house in the mean time, and then said...we dont want it due to that crack. Bingo, I was out!
@masterofnone2705
4 ай бұрын
The seller could have gotten multiple offers with Earnest money attached to each offer. Seller picked her offer and started paper work but now she wants to back out. Pay whatever they ask.
@metaltera86
4 ай бұрын
Sounds like the sellers threatening the earnest money is justified
@katiejon17
4 ай бұрын
Taylor - you and your husband are not responsible enough for home ownership. But it sounds like you have no character. A contract is a contract. We sign a contract for a reason. Shame on you.
@AaBbCcDdEeF
4 ай бұрын
👍👏💯
@AsaMenchaca
4 ай бұрын
Couple missing pieces here. If the earnest money was “due in 7 days”, that may have been an option period. Meaning, they could exit the agreement for any reason with written notice AND get there earnest money back. Also, the written notice can’t really be argued with by the seller because they don’t typically get to sign off on that (generally it’s a notice not an agreement). I could be wrong. Also, located in Texas and these things vary by state. At the very least this realtor didn’t clearly communicate the process.
@handleyobusiness
4 ай бұрын
Sorry. Don’t sign contracts when you’re under duress. Pay up.
@holliebenji3049
4 ай бұрын
Earnest $ is returned during inspection period. They were in inspection and can pull out for any reason.
Пікірлер: 449