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I am purchasing a home here in Oregon county Missouri and…

Customer Question
I am purchasing a...

I am purchasing a home here in Oregon county Missouri and the realtor presented a Earnest Money Rides (msc-2001R) which she stated I had to provided 5000 in earnest money and it was non-refundable. Which nullifies all the contingencies such a appraisal, financing, inspections etc... Apparently this form (rider) was created in DEC 2017 I overheard a conversation between the two real estate agents stating that since I was pursing a USDA/Government Loan that they would have me complete this form. I do not know for fact but believe it is because the property will not appraise at the asking price. So by signing this for I have no recourse if inspections/appraisal comes back and I am unable to get the loan I will lose that 5000 dollars. Seems ridiculous to me, but what a country.

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

Yes, the contract has been accepted. But I have not provided the 5000 - have 10 days

Lawyer's Assistant: Have you talked to an Oregon lawyer about this?

Not yet

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Not that I can think of ....frustrated

Submitted: 2 months ago.Category: Real Estate Law
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Customer reply replied 2 months ago
Do you need a copy of the offer/acceptance documents?
Answered in 15 hours by:
3/20/2018
Real Estate Lawyer: Lori, Lawyer replied 2 months ago
Lori
Lori, Lawyer
Category: Real Estate Law
Satisfied Customers: 1,564
Experience: Real Estate Attorney with over 25 years experience
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Hello. I am a real estate attorney with over 25 years experience. Give me a moment to review and type my reply.

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Real Estate Lawyer: Lori, Lawyer replied 2 months ago

I would recommend that you NOT sign such a Rider to the contract. Most earnest money deposits for real estate contracts are REFUNDABLE. You should not put your $5000 at risk unnecessarily.

I would also caution you as to who will be holding your Earnest Money in escrow. I would recommend an attorney or a known title company. Do not let the real estate broker hold the escrowed earnest deposit.

If the deal under the contract falls through, the earnest money remains in escrow. Whoever holds the deposit determines whether you should get the money back under the terms of the purchase agreement. To be on the safe side, make sure the purchase agreement covers how a refund would be handled.

Keep in mind that even if you are pre-approved for a mortgage loan, you can be declined when you apply for one. In such cases, standard contracts allow you to recover your earnest money deposit. You can also usually get your money back if you find problems with the property.

Give yourself the best options with financing and inspections, do not put your deposit at risk for no reason.

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Category: Real Estate Law
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