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confused, Home Buyer in San Diego, CA

Our seller cancelled our short sell and says he is going to claimed bankruptcy do we get our depoist back?

Asked by confused, San Diego, CA Fri Jan 17, 2014

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Answers

7
You should. What does your agent say?

J.R. Thrasher
http://www.SanDiegoRealEstateVeterans.com
(619) 929-0105
RealEstate@JRThrasher.com
0 votes Thank Flag Link Sat Jan 18, 2014
Of course you get your deposit back. Escrow cannot release the deposit until both parities agreed and instructed escrow to. If you perform and did not breach the contract, you are entitle to 100% of the deposit.

It does not matter if the seller files bk. They should not get any $ from the transaction period! With the exception of relocation assistance programs the Shortsale lenders offer.

Btw, where is your agent? He or she should help you with this. If I were your agent, I will do everything I can to protect you and get you your dream home.

Let me know how else I can help.
-jessica
0 votes Thank Flag Link Fri Jan 17, 2014
Good Morning Confused,
In this instance, you should be able to get your deposit back. I would talk to your agent to make sure that the contract supports this. How did he cancel this? Any cancellation instructions should address the return of funds to you.

Thanks!
​Sinead McAllister-Clifford
Real Estate Broker/ Realtor®

McAllister Homes Real Estate
Residential Sales & Property Management
http://www.McAllisterHomes.com
License 01366009
858-205-5215 CELL
info@mcallisterhomes.com EMAIL
0 votes Thank Flag Link Fri Jan 17, 2014
You should be able to but it depends on what the purchase agreement says and if there is a short sale addendum incorporated into the contract. In what manner did they cancel the short sale? Did the seller submit a signed cancellation of escrow? If so, it should indicate on the cancellation whether you will be getting the entire deposit returned.

Thanks,

Maria Rosino-Miracco
CEO/Broker/Attorney
Premia Realty Group, Inc.
760-444-3073
0 votes Thank Flag Link Fri Jan 17, 2014
Yes. As long as the seller cancelled the transaction and you abided by all of the terms of the contract, you will be entitled to have your deposit returned. Your agent should be able to advise you specific to your transaction.
0 votes Thank Flag Link Fri Jan 17, 2014
You should ask your real estate agent. Each contract is different so your situation depends on what it says in the contract.

Alex Greer
Loan Officer
NMLS #1056079
http://www.TheMortgageOutlet.com

408-352-5147
AGreer@TheMortgageOutlet.com
0 votes Thank Flag Link Fri Jan 17, 2014
In normal instances you should.
The terms of the contract should address this.
0 votes Thank Flag Link Fri Jan 17, 2014
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