Market Wise Q&A: Should the Seller Hand Over the Buyer's Deposit?
Pat Kapowich for the San Jose Mercury News Q: The buyers of our home are canceling the sale just days after we had multiple-offers. The release of contract instructs all their deposit money be returned, minus any charges associated with the purchase. We understand we cannot financially penalize the buyers for rescinding the sale and ruining the momentum of a multiple-offer situation. However, we know they had inspectors all over this house and there is no mention of paying the inspectors or providing us with their findings. What's the quickest solution to this mess?
A: The fastest way out of your predicament is also the easiest. Your listing agent should inform the buyers' rep that there will not be a release of earnest deposit monies until all reports and are provided and proof of payment to inspectors is received.
Send questions to BrokerPat@Realtor.com