In Ohio.
The brokerage accidentally collected and deposited 2x my EMD ($10k instead of $5k, sale price is $260k).
They say they can cut me a refund check but only by sending it via USPS. Problem is that COE is in 2 weeks and the brokerage is saying the check "might" go out this week so it may or may not get here in enough time to be able to apply the funds to closing (lender is aware of the situation and has the paper trail so there would not be an issue with last minute "outside" funds).
Brokerage said the other option is to sign an amendment where I double my EMD.
Actually, they said they could just apply the funds to closing and I said, sure, sounds great. They did *not* tell me that it would be done by doubling my EMD and instead sent over the amendment with zero explanation. That really frustrated me.
It also frustrated me that when I called escrow to see if they had any ideas on what to do, they said that, contrary to what my agent said, you can deposit your EMD with escrow or with the brokerage. I wanted to do EMD to escrow but was told you can't. If we had, then this would not be a problem.
I'm waiting to hear back from the lender to see if they have any ideas but just wanted to see if any Ohio realtors have any insight as to whether this is right or if there might be other solutions.
I'm really annoyed about this. I'm 1% annoyed at the mistake, stuff happens, it's not great but okay but not being upfront about options for who holds the EMD when I specifically asked about it and sneaking in the part about doubling the EMD is not cool.
Brokerage collected 2x my EMD so now my only option is double my EMD???
byu/fuzzybunny216 inRealEstate
Posted by fuzzybunny216
1 Comment
Wow. So weird and seems totally illegal