392,768
In 13 years only had 1 issue and it was resolved within 30 days. I always discuss EM when listing for a seller and I always discuss EM with the buyers by giving them the 'how it works' information. This includes what happens if the deal does not work out. Now if the property is a REO then I highlight the terms regarding EM and my client.
-
Tony and Suzanne Marri...
Scottsdale, AZ
-
Candice A. Donofrio
Fort Mohave, AZ
-
Joan Cox
Denver, CO
1,466,207
Tony and Suzanne Marriott, Associate Brokers I've had two EMD disputes during my career. On both the seller refused to sign the Release to give the buyer (my clients) a refund of their EMD. On the first one, my company took care of the issue and paid the buyer without the a release. Since then my State has come out with specific procedures for handling escrow funds. I followed the procedures and the seller finally signed the release before the court having to make the decision for them.
-
Candice A. Donofrio
Fort Mohave, AZ
-
Tony and Suzanne Marri...
Scottsdale, AZ
-
Anna Hatridge
Farmington, MO
656,040
We always fight. I one instance our clients money was held, the dispute was not worth the cost and effort to pusue, we reimbursed our clients the earnest funds out of our own pocket. They have been clients for life ever since.
-
Lyn Sims
Schaumburg, IL
-
Tony and Suzanne Marri...
Scottsdale, AZ
-
Anna Hatridge
Farmington, MO
1,712,676
In Oklahoma we are transactional brokers and therfore work for the transaction. When it comes to earnest money the contract is quite specific and how it should be distributed. Our contracts are very buyer oriented and it is like the Paul Simon I will paraphrase, there must be 50 ways to get out of your contract.
-
Anna Hatridge
Farmington, MO
-
Tony and Suzanne Marri...
Scottsdale, AZ
5,868,699
When you represent a client, whether they are a buyer or a seller, you have to represent them until the end.
-
Tony and Suzanne Marri...
Scottsdale, AZ
-
Anna Hatridge
Farmington, MO
1,052,321
Protecting our clients' $$ is probably THE most important thing we do. And while that deposit is soft, we will micromanage the hell out of our clients to be sure, get all done, know all and understand consequences. In 14 years, ONE earnest dispute--and the buyers were CA brokers and were not LISTENING to us on how AZ and their contract worked.
-
Tony and Suzanne Marri...
Scottsdale, AZ
-
Anna Hatridge
Farmington, MO
2,363,571
absolutely!
-
Tony and Suzanne Marri...
Scottsdale, AZ
-
Anna Hatridge
Farmington, MO
6,393,609
I leave much of that to the broker's advice, and most earnest money here is a fairly small amount.
-
Tony and Suzanne Marri...
Scottsdale, AZ
979,496
Tony and Suzanne - Wow, that took like a half hour to read everything. What a question!
I have had some disputes regarding the timing of everything, as well as the difference between what the boilerplate purchase contract says versus what was written on an addendum.
What you have taught everyone, I believe, is that you must be thorough in reviewing any contractual obligations, and know and understand what everything means.
By the way, I have never had an issue that went as far as your example. Usually the issues I dealt with were resolved in the matter of a couple of days.
-
Tony and Suzanne Marri...
Scottsdale, AZ
4,319,419
Tony and Suzanne Marriott, Associate Brokers - happened couple of times where sellers refused to sign the release after the buyers decided to back out based on home inspection issues.
I work for my clients - and as long as it is fair for them to get back the deposit, I'll be with them.
-
Tony and Suzanne Marri...
Scottsdale, AZ
3,986,258
I have never had an E-Money issue
-
Tony and Suzanne Marri...
Scottsdale, AZ
3,988,007
The earnest money is put into escrow with the broker or the escorw agent. The contract spells out how this can be released. It is not in my authority to make the decision. If my client requests it, I ask he put it in writing and I will present it in the best light to the other party and the escrow holder.
-
Tony and Suzanne Marri...
Scottsdale, AZ
3,727,873
It depends on the circumstances. If my client is bad and wrong and the other side seriously wants their deposit, I suggest they talk to an attorney - but I will still try to work things out with the other agent before getting lawyers involved.
-
Tony and Suzanne Marri...
Scottsdale, AZ
212,755
I had one fight for earnest money before and I got it back for my client. He never had to make a single phone call.
-
Tony and Suzanne Marri...
Scottsdale, AZ
3,345,257
I will fight tooth and claw to the bitter end. I do not fight senseless battles ... I choose them wisely. I believe in fighting for what is right.
-
Tony and Suzanne Marri...
Scottsdale, AZ
140,560
Not vigorously at all ... I simply refer to the contract and discuss options. I look for a win / win .... if the customer feels differently then I advise them to go hire a lawyer. ( I have done this many times and they have always came back to the table )
We have always been able to work them out very quickly without going to an actual dispute.
-
Tony and Suzanne Marri...
Scottsdale, AZ
5,583,278
all of our clients have their own attorneys....any and all disputes are handled through that avenue.....
-
Tony and Suzanne Marri...
Scottsdale, AZ
617,935
Tony and Suzanne,
The Texas contract calls for triple damages plus costs if a party doesn’t release EM. That solved a lot of problems.
The Colorado contract says “entitled to” earnest money. That requires an explanation.
I’ve never had an EM problem in either state.
-
Tony and Suzanne Marri...
Scottsdale, AZ
4,800,082
Typically, earnest money disputes are handled by attorneys and/or mediators in my area. Though, I will be called on to help present the facts.
-
Tony and Suzanne Marri...
Scottsdale, AZ
1,844,301
Well, if it doesn't happen once in a while, you're not writing enough contracts! But, that's a tough call. Last one I was on sellers side & we still haven't given the buyers their money after 3 years now. After a certain period of time in IL, it gets deposited with the state.
-
Tony and Suzanne Marri...
Scottsdale, AZ
2,781,313
I seek resolution and that is the work required. Money is part of that
-
Tony and Suzanne Marri...
Scottsdale, AZ
7,836,623
You just have to stay with the facts and the truth.
-
Tony and Suzanne Marri...
Scottsdale, AZ
1,239,901
The buyer haggles loan interest rate for 3 weeks. Interest went up the borrower released all the contigiency and canceled the contract.
-
Tony and Suzanne Marri...
Scottsdale, AZ
150,416
I've never had this happen luckily.
-
Tony and Suzanne Marri...
Scottsdale, AZ