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Updated over 2 years ago,

Account Closed
2
Votes |
2
Posts

Lost Earnest Money Due to Agent Error

Account Closed
Posted

Hi all, 

Looking for some advice. I went under contract to purchase a home in March. I was out of state and so working with a Florida agent to assist me with the transaction. Immediately after we went under contract, my agent sent me all the important dates to know and I created calendar invites to remind myself. He stated in this email the financing contingency ended on 5/15. Two days prior I said I needed an extension to clear up a few final roadblocks. On 5/15, what I thought was the deadline based on his email, I reached back out and said if they are unwilling to extend the financing contingency, I need to get out of the deal. I emailed him that day that I needed out due to the financing contingency. He then let me know he was incorrect on the date and it was actually 5/14, and that Seller was unwilling to allow us out of the deal and they were not going to return earnest money. The only option we had at this point was to try to get the deal closed, which we were unable to due to financing. I am now out the $20,000 earnest money as it went to seller (this was a 1mm+ deal).

I know I should have double checked the dates my agent provided me but I did not. So now I am wondering if there is any recourse I can take against the agency. As of now, they have been radio silent and not answering any calls or emails. Should I get a Florida attorney involved? If so, any suggestions? This has been as expensive lesson so far, so remember to double check dates. Thanks all. 

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