If the seller doesn't comply by a date agreeable to both parties, the buyer is issued the money to make the repairs himself. If your seller doesn’t agree to refund your money, you can open a dispute. Overview of Material Defects. 2015-03-04T19:06:39Z.   Any excess money on deposit is generally returned to the buyer. A seller credit or seller contribution is money the seller gives you to pay for closing costs. Not to you. I believe you receive a refund within 10 days after tracking shows delivered. The sellers have the cash and the house at that point. But many times moving dates don’t line up perfectly, so you’ll need to find out how long they need after closing to get out. It would be so much better for you to have your own (buyer's) broker. Some or all of your closing costs, including your property taxes and personal hazard/fire insurance may be paid for by the seller. It doesn't really matter because after this I am D-O-N-E with Paypal, eBay, and the lot of 'em. Once you close, you lose leverage. She doesn't have a choice. There could be. lindseyworbington . SELLERS bring money to ebay...not the other way around. Sell to close is an options trading order that is used to exit a trade in which the trader already owns the options contract and must sell the contract to close the position. If I could get an estimate of the costs based on my pre-approval amount, then I would know what to ask the seller for. If you don’t receive your item or it's different than described, please contact the seller. or arrange to wire the funds from your bank. One of them being, “How long until I can move in?” If the sellers have a home already purchased, you don’t have to worry about it too much. This money is only to be released when the buyer confirms in writing that the seller has moved out. If both parties do not agree to extend the closing date Buyer may be in default of the contract meaning he or she did not perform and in that case Seller can terminate the contract Buyer could lose their earnest money and the Seller could take legal action if additional damages are incurred. Of course, the specific consequences depend on the terms of your sales contract for the house. Now I'm being presented with a FHA amendatory clause stating that if the house doesn't appraise Buyer gets their earnest money back. In other words, the seller might refuse to vacate the home. Many purchase contracts, especially those used in states such as California, contain a liquidated damages clause, which states the seller is only entitled to the earnest money deposit up to a certain percentage of the sales price. Obviously it is unacceptable for them to put off the closing indefinitely. Often, seller's liability to clear title (how much he has to spend) is limited. Unless the transfer falls through due to some bug in the bank’s system and the money either doesn’t get there in time or what comes through is less than the amount you need. It's even possible that the seller could sue the buyer to force her to buy the property through a lawsuit for specific performance, although many contracts have language that preclude this. In general, if the postponement is not going to cause you any damages then it doesn't make a lot of sense for you to make a big deal out of this - unless you are looking for an excuse to back out. Since ebay issued you return labels, that money is taken from the seller. … So what do we do if we are at our closing, signing all the … Another safeguard for the buyer is to include a written provision in the purchase contract holding back a significant amount of money, such as $25,000.00, due the seller from the escrow as damages for the buyer if the seller fails to leave the premises after close. After all, if the deal doesn't close, the seller will also have to start all over again. If the seller doesn't move out after closing, the best recourse for the buyer is to file suit. However, a problem arises … Where the Buyer has defaulted, the Seller is entitled to receive the earnest money. I've read conflicting info on this. If the seller prints a shipping label using PayPal, you can see the tracking number and shipping status when you click that transaction. Seller agrees to furnish a marketable title to the said property and agrees to convey by Limited Warranty deed to Purchaser at closing, subject only to the following: I'm definitely no expert, but I would guess that a reasonable court would determine that if you can't get title insurance, the seller doesn't have marketable title. (because we don't have closing cost money) Now someone told us that HIS closing was $5000...and he doesn't think ours would be any less. If Seller is UNWILLING, typically, buyer can sue for specific performance, which means asking the court to force seller to honor the contract and sell the house, clear of title defects. Suddenly the seller doesn’t want to sell his house! As a Seller FHA/VA are a bit of a pain requiring all these extra terms to the contract. The seller can't really force the buyer to close escrow. You go to the bank the day before closing and arrange to have your down payment transferred directly to the closing agent. Someone will correct me if I'm wrong. I know they do everything in the world to protect the buyers....but sellers are the engine. Homebuyers: You can use a seller credit to your advantage. My question is that if the "seller's" Paypal account has no money in or is closed can Paypal still give me my money back? The best option depends on the seller's motivations and the language of the sales contract. Prevention: Bring it Also, what if the seller doesn't have funds in his bank account? 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