Location: Tennessee
Submitted 12/07/11 08:32 PM

Q. I put $5000 earnest money down on an offer to buy a home contigent upon the sale of our home. There was no end date put on the contract by the realtor and it has been several months and ours has not sold. The earnest money check has been cashed. I want to refinance our home but the mortgage company cannot refinance it until the contract has ended. What can I do

 

Answer #1
Submitted 05/23/12 11:51 PM
Jonathan Davis: Agent in Franklin, TN Jonathan Davis
Agent
Franklin, TN

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A.

I am not a Lawyer, however, in answering your question it seems that two things are in play here:

1.  You have offered to buy a home contingent on the sale of your home; you can withdraw the offer and proceed forward on the re-fi, but as mortgage requiremnts go you may have to wait 6 months to re-finance or:

2.  By Tennessee law there has to be a termination date for the contract that might be the closing date specified in the contract.  As for refund of your earnest money pending the terms agreed to in the Purchase and Sale Agreement will determine whether you may receive your funds back,  I wish you luck.

Answer #2
Submitted 05/31/12 02:04 PM
Debbie Reynolds, "The Real Debbie Reynolds" (Prudential PenFed Realty): Agent in Clarksville, TN Debbie Reynolds, "The Real Debbie Reynolds" (Prudential PenFed Realty)
Agent
Clarksville, TN

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A.

Jonathan's answer seems to be correct. Just contact the broker and explain your situation and I am sure that he will give you a release. I had one like this and the seller had to wait 90 days after the release to do a refinance.

Answer #3
Submitted 06/07/12 12:06 PM
David Saks, Broker (The Real Estate Mart of Tennessee, Inc.): Education in Memphis, TN David Saks, Broker (The Real Estate Mart of Tennessee, Inc.)
Education
Memphis, TN

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A.

No expiration date on a listing contract ? Bad apples.
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