When the Listing Agent admitted to you that he was going to get the full commission, regardless
of whether or not you had an Agent, it should have been a warning to you. He was being honest,
but he didn't say he would represent you. His obligation is to his Sellers, NOT any Buyer. He does
need to deal fairly and honestly with you. But, he does not have to work in your best interest.
Without actually seeing your Contract, it is hard to know what has transpired. From the sounds of it,
you are not represented. You have recently contacted an Attorney and this could cost you more money
(in addition to your Earnest Money). Hopefully, your attorney finds a winning solution for you. And, hopefully,
this doesn't end up being a costly mistake on your part (by not having a Buyer's Agent represent you).
You keep referring to the fact that the Lender hasn't ordered an Appraisal nor "accepted the Contract. Please realize that the Lender doesn't have to order an Appraisal, especially if they know they aren't going to do the loan (other factors may be the cause). And, the Lender doesn't "approve" a Contract.
The only person who "approves" a Contract is the person who accepts it or counters it when they put in their Offer. A Lender only has to "approve" YOU for a loan. The Contract is needed for them to see what the Sales Price is, and what the conditions are, etc... And, to make sure that the Contract is fully executed and something they want to get involved with.
Hopefully, your Attorney will make all this clearer to you soon. In Real Estate, TIME IS OF THE ESSENCE.
The dates for lender performance are spelled out on that addendum. From my experience, escrowed funds HAVE been released to abuyer without the release being siigned by the seller.
TIME PERIODS and APPROVAL DEADLINE is what this matter is all about.
Your attorney should have no problem recovering the deposit.
Attached is a blank copy of what the form looks like.
Mott Marvin Kornicki, RealtorÂ®/Associate
Aventura â€¢ Bal Harbour â€¢ Sunny Isles Beach
In regards to your question unfortunately a title company faced with conflicting demands as described above is likely to maintain the funds in escrow until the buyer and seller resolve their dispute. My suggestion is make nice with the seller.
Call me if you need further assistance.
Luxury Home Specialist
Office: 305-931-8920 ext 245
"Given the degree of exposure I can provide, if I can't sell your home...no one can!"
2822 NE 187 Street
Aventura, FL 33180
Interested in buying, selling or renting a condo, townhome or house, visit me at: http://www.Keyes.com/Andre.Shambley
Ready to refinance for a better rate, visit: http://www.JShambley.ApexLending.com
Your move to have a real estate attorney handle this was the right one, as this is a contractual issue, even though the contract expired. I would not try to make contact with the seller--have your Realtor and/or the attorney do that.
Have your Realtor prepare an addendum to the contract so you can sign it, and send it the seller, and one copy to your attorney, and keep a log of everything.
You likely signed a paper at offer time indicating that this was a short sale and required bank/3rd party agreement to become effective. Since the bank did not give you an answer, there should have been a date by which you were able to walk away from the offer (usually 45 days). Based on that the seller will have no ground to keep your money.
I am no attorney, but that is based on basic paperwork provided by the Florida Association of Realtors (Short Sale Addendum to purchase and sale contract). So your attorney should have no difficulty enforcing it.