Buyers backed out of the purchase of my home (PA). l go to get the earnest money deposit released and the buyers say that their second check bounced. The buyer is agent was pretty sure it bounced and at some point mentioned it to my agent. l asked my agent right after the buyers canceled and he assured me it was there, twice! Who is responsible here? l was in the dark up until l called the buyers agent myself to persuade him to get his clients to release the deposit money that l was told was there??? Please help!

First deposit was taken at signing ($1K), second check ($2K)was taken 21 days later. 90 day close. Buyers backed out a week before settlement. l found out today, 3 weeks after our agreed upon settlement date, that the second check bounced.

The buyers are probably the only ones you have a claim against, but you would probably have to take them to small claims court to get the money.

l would tell everyone l know that your agent is incompetent and no one should use them. They obiviously have no handle on their business or else they are just liars. Either way not a good thing in a business that is based so much on trust.

The Seller is agent is (your realtor). You have a legal right to the earnest money if the buyer is backed out & there is not a due diligence period (or the due diligence period exceded the amt of days allowed on the contract). Also, the agent should have made sure that the earnest money cleared while it was held in his/her brokerage money market fund at the bank while the buyer is were trying to get a loan, have the house inspected, etc. etc.

Check to see what the contract says & if there is any clause that says u should not have ur earnest money.

In my state, earnest monies r held in the escrow account of the listing (selling) agency until the time of close or release. Not sure to whom ur earnest money is payable & escrowed in PA, but it is the duty of whichever agency holds that responsibility to inform u that this check was not good. It CAN take a bit of time for a bounced check to make its way backwards through the system, but not to the length of time u have described.

Given the number of folks who probably handled that check, it could be almost anyone is fault that u were not informed, but nonetheless, the responsibility belongs to whichever agency the check was made payable.

This could get to be an ugly mess for you, & I'd suggest that u contact the managing broker of the firm which had ur house listed with ur concern & complaint. I'd venture that ethics, at a minimum, were violated.