Loma Linda, CA · Member since 2017 · 1 post · 0 votes
Hi everyone,
I am looking for advice on a deal that fell out of contract. I had an agent who gave me not so great direction in the deal, and lost the earnest money. He hasn't contacted me since. What recourse may I persue? Thanks guys.
If you gave the money directly to the other party, you can sue them in court if you can determine where they live. Usually it's less than $100 to sue them and you'll have a decent shot at getting it back if they appear in court. If they don't appear you can have a debt collection company put a judgement on their credit. They will eventually contact you if they want it off their credit.
Who is the one holding the earnest money and how did it fell out of contract? It's not as simple as falling out of contract, and now give me my money back. If that's the case, why even bother with earnest money.
Around here, binder money is held be agents, and real estate contract earnest money are usually held by sellers attorney in an escrow account and you should contact them immediately not to release funds.
If you gave the money directly to the other party, you can sue them in court if you can determine where they live. Usually it's less than $100 to sue them and you'll have a decent shot at getting it back if they appear in court. If they don't appear you can have a debt collection company put a judgement on their credit. They will eventually contact you if they want it off their credit.
Talk to the licensed broker of record, chances are you are dealing with an agent who reports to the broker.
The broker is licensed and needs to be in good standing with the state's Real Estate board or commission.