Can I (the buyer) enforce the “specific performance” on the seller after signing paper work to get our earnest money back?

I had an accepted offer,in writing, by the seller. I had earnest money down and paid for an inspection. We were trying to work out a compromise on the problems found in the inspection. In the meantime, two other people showed interest in the property and the next thing I was told, by their realtor, was the deal was done……I was out. The realtor rushed over the very next morning to make me sign the form to get my earnest money back. I did not knowing the facts regarding real estate transactions. I have not received my earnest money back yet. Property is in Minnesota.

Asked on June 6, 2009 under Real Estate Law, Wisconsin

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Earnest money? Do you mean a good faith deposit and not an option to hold the property? If so, then your best bet is threaten a lawsuit.  You can sue the seller's Realtor/broker and the seller and try to get your deposit back. 

If it is under a certain amount, you can go to small claims.  If there are penalties in your state by law, for breach of a P&S Agreement, then you should consult with an attorney.  Try www.attorneypages.com and then check his or her record at the Wisconsin State Bar.


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