Hi all, I signed a contract for a new construction build in South Carolina. My escrow money was paid 72 hours after. I transferred the money on a Thursday I got a message the next Monday from the legal company asking me for confirmation I sent the funds. When I looked back I saw the money bounced back, because it was supposed to be a wire instead of an ACH transfer. I had no idea, but this actually protected me.
Well, that same Monday I received my contracts from the builders broker. I read the fine print and the deal for a low interest rate (3.99 then 4.99) was fake, because I was paying 12000 dollars added onto the loan to buy down 5 points. Oh, and don’t forget the 6k added to the loan for the broker’s commission 🙂
Anyways, I backed out of the deal that evening (on Monday). Between misrepresentation of the deal the builder was offering AND hearing news the Friday before that my parent needs major surgery soon, I made the right decision. They sent me a dissolve of contract form to sign tonight, saying I owe the Ernest money. I sent a message back stating since no earnest money deposit was ever submitted or received by the escrow agent, we would request that the release reflect that no funds are being disbursed to either party.
Thoughts? I honestly do not want to pay this money, I do not feel I am legally liable, since they should have put the home on the market when they didn’t receive the earnest money from me on time. I live in another state so taking me to court would take them months, and the house couldn’t be put back on the market.
Posted by Illustrious-Gold-392
1 Comment
You dont owe them anything. Had you properly paid it they would have kept it… and you would have had a fight, but your mistake saved you.
Tell them to fuck off and then report the agent to the licensing board.