Home Buying in 90066>Question Details

brooke.schro…, Home Buyer in Los Angeles, CA

How do I get escrow money back in IL?

Asked by brooke.schroder, Los Angeles, CA Tue Feb 19, 2013

I recently put an offer on a home in Illinois and I decided not to pursue the purchase after the inspection came back showing foundation problems with the home. The seller refues to give back the 500.00 deposit I put as an escrow check. Is there anything I can do to get this money back?

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7
Richard Littlefield’s answer
Again I am another person from CA and we really do not know the laws there. I have had sellers try that with me here and what I do is to slap a lien on the house. In CA we start with what is called a Lis Pendens. That way until they release the money they can not sell the house.
I would think that if there are foundation problems, the seller would have a duty to disclose those.
1 vote Thank Flag Link Wed Jun 19, 2013
The real estate agency cannot return the money until/unless we have signatures from the buyer and seller directing us to do so.

Chances are, since you bought in Illinois, you used a real estate attorney. Have your attorney contact theirs, and see if he can facilitate the return of your $500.00.
1 vote Thank Flag Link Tue Feb 19, 2013
Alan May, Real Estate Pro in Evanston, IL
MVP'08
Contact
Dear Brooke,
You need a Real Estate attorney in the State of Illinois to help you with this issue and also possibly the Realtor who was helping you with the transaction.
0 votes Thank Flag Link Wed Jul 10, 2013
I am a Realtor licensed in California and do not know the real estate laws in Illinois. Read you Illinois contract provisions about home inspection and status of buyer's deposit. In California the home inspection is a contingency. If the buyer declines the subject property based on the home inspection the deposit is refundable. Your licensed realtor should be able to explain provisions of contract.

Gail Mercedes Cole
EXP Realty
310.853.9933
0 votes Thank Flag Link Sat Jun 8, 2013
Please read your contract it should states time frames. If you need a referral that works in that area please contact me and I can contact someone for to speak with.

Good luck
0 votes Thank Flag Link Wed Feb 20, 2013
Read your contract. Laws are often state specific so someone in IL is best suited to help you. But the contract should give the rules for cancellation - deadline and by what method (writing,....).
0 votes Thank Flag Link Tue Feb 19, 2013
In California you shouls provide seller/escrow with escrow cancelation and instructions.

Escrow then will issue a refund - assuming you in compliance with your purchase agreement terms and contingency.
0 votes Thank Flag Link Tue Feb 19, 2013
Sergey - Illinois is not an "escrow" state.
Flag Tue Feb 19, 2013
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