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Additional Details
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Jamis S | If someone makes a deposit on a House? |
I am currently selling my home, and last week some guy put a deposit down, telling me he would pay the full amount with about a week. His time isn't up just yet, but I recently got a better offer from someone else. So is it legal for me to refund his deposit and go with the better offer? Can someone please fill me in???
Additional Details
I did write him a receipt for the deposit, and specified the date of which the full amount was due or else the deposit would be kept, but if I just give him his deposit back is that something I could do? |
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Jeanie
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When you accepted the deposit you agreed to hold the property for him for a period of time. You are bound by your word and contract verbal or written. If he doesn't come through with the money in the time limit then you can sell to someone else. |
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Emily C
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dont think so |
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Real Estate Guy
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YOu say that he put a deposit down. Did you write a contract with his offer (price, terms and any conditions (financing, inspection, etc))? Did both you sign the FINAL agreement.
Without a ratified contract, he has basically put a hold on your property.
Do you have a realtor? Or is this a FSBO?
I would write the contract up on the 2nd offer and accept it. However, make it contingent on the release of the first contract and state a date of when the deposit is due. Does the this second buyer have loan approval?
These are all issues that your realtor should be handling. Any good realtor should know how to keep the balls in the area and not lose a sale - especially since you have 2 people interested. |
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KitKat
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You are bound by the original offer. If he doesn't follow through, you can accept the better offer. Since you accepted money, you essentially entered into a contract and are now bound to hold the property until his time is up.
Why don't you have a realtor? People should not buy or sell houses without one, IMO...they get paid to know what they're doing and make the process painless.
Additional details:
No, just giving him back his deposit is not going to work. You are bound to honor your original agreement unless he is willing to agree to rescinding on the deal. If he doesn't agree, too bad. There are very few if any "do-overs" in business. |
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estielmo
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You must give him until the agreed date, that's why it should never be too far away. Accept the second offer subject to the previous agreement. If the second offer is higher ask the first guy to pony up or let you out of the deal. Maybe make him a modest offer. But you are bound by it. |
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Wounded Duck
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NO! You can not. |
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southern_bell_of_alabama
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No it would not be legal if you both have written agreements. You will have to wait till his time is up, Or there will bad trouble for you. Hope this helps---- PS. you may want to try and talk to this guy and work something out, But make sure it is in writing. |
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Sue B
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You accepted his money in "good faith" You need to wait until his time is up, would you want somebody to do that to you if the shoe were on the other foot. Not good practice because of more money. |
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rockyfella25
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if there isnt anything in writting...maybe the other person wont come through. |
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