I was just kiddin'

Real Estate Agent with Jameson Sotheby's International Realty

We accepted a lovely offer on a listing of mine.  

We had a little bit of back and forth, and settled on terms that were good for us, and we presume good for the buyer, too.

They conducted their inspection..  and we received their attorney/inspection letter (in our area we use attorneys for 99% of our transactions)... and as part of the a/i negotiations... they rescinded about 2/3s of the earnest monies they had offered.

In our area, it's common to get $1,000 upfront, with the balance of earnest money to be delivered after the a/i period is concluded.

What was their logic in withdrawing over $20,000 worth of earnest money?  The buyer didn't understand what he was signing.  Uh.... aren't those his initials next to the e.m., and his signature at the end?  Didn't he review the offer??  Hmmmm?

Yeah... I was just kiddin'.

Posted by

 ALAN MAY, Realtor®   
Specializing in Evanston Real Estate and North Shore Real Estate

Jameson Sotheby's International Realty, 2934 Central Street, Evanston, IL 60201
Office: 847.869.7300      Cell: 847.924.3313      Email: Almay@aol.com

Evanston Real Estate & North Shore Real Estate
Licensed in Illinois



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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Don't get me started on reading the contract and how many people don't go through it with their clients.   

Apr 27, 2018 04:32 PM #1
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Alan.

I have one client that will read each and every word.  The others , they just want to know where to sign.

Apr 28, 2018 01:49 AM #2
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Alan. I always wanted buyers to put up as much as possible up front. I think it tells the seller that the buyer is looking to but a home and not a sandwich. 

Apr 28, 2018 04:45 AM #3
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

I'm smiling at comment #2 left by James Dray.  I have had that experience too.  But, it is still important to insist that they read what they are signing.

Apr 28, 2018 11:06 AM #4
Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

You do some serious EM in your parts.  Here, 2-3k is about the max I'll see on anything other than new construction.

Apr 28, 2018 08:29 PM #5
Suzanne Strickler
Realty Mark Associates - Havertown, PA
School is never out for the Successful.

It's great to learn the different rules we have to follow in each state. In  Pennsylvania, we have an earnest deposit, a second deposit and/or a third deposit. Each has it's alloted time frame set in the Agreement of Sale.

BTW, we don't involve lawyers as a rule.

Jul 17, 2018 10:36 AM #6
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Alan May

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