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Earnest Money Nightmare
My sellers were excited, we had delayed closing to allow the renters a 60 day move out. The offer was $40,000 over asking, and they wanted to be done. The buyer was anxious to take over and requested permission to clean out, paint, and show potential renters weeks before closing. Whoa. I told the agent that presented a huge liability. The seller would want a hold harmless addendum, buyer’s insurance in place. No, he didn’t want to do that, so he moved up closing. Everything went smoothly, we wished each other luck and waved goodbye. 
 
I trotted the settlement statement and balance of commission to the office. The next morning I got a call asking where is the $5000 earnest money. You’re joking? No. It wasn’t delivered? No. The agent had sent me a photo of the check. How could it not be delivered?
 
The selling agent was surprised. He didn’t understand how it could happen, assumed that the sellers walked away with an extra $5000, but he hadn’t seen, collected, nor sent the actual check. He assumed that the buyer did that. He agreed to call the buyer who was very busy and would have to go through all his accounts, ... more

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