Home Buying in Los Angeles>Question Details

Omar Deras, Home Buyer in Sylmar, CA

about getting back my escrow

Asked by Omar Deras, Sylmar, CA Sat Dec 21, 2013

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6
If you are referring to earnest money, & you did not default to the terms of the contract, then you should receive your deposit back from whomever the escrow deposit holder may be as long as an earnest money release has been signed by buyer & seller. You need to ask your agent.
1 vote Thank Flag Link Sat Dec 21, 2013
If you are asking if you can get your deposit back, the answer is it depends on the terms of your contract and where you are in the process.

Based on your comment below you should be able to, but understand this: the title company is a neutral third party who doesn't adjudicate disputes, so in order to get your deposit back you will need the seller to sign cancellation instructions that allow for that or go through the dispute resolution process dictated by your contract (unless it's $10K or less, in which case you can go to small claims court).

Best Regards,

Lance King/Owner-Managing Broker
King Realty Group

lance@king-realtygroup.com
415.722.5549
BRE# 01384425
0 votes Thank Flag Link Sun Dec 22, 2013
Talk to your real estate agent,as long as you still have your loan contingency in place then you should have no problems,the seller wont like it ,which is too bad for both of you, good luck !
0 votes Thank Flag Link Sat Dec 21, 2013
Omar,

It sounds like you cannot get your loan. As long as your contract contains a loan contingency and you have not removed that contingency you should be able to get your deposit back. It also sounds like the seller may create some problems for you. The deposit money will not be released back to you until all parties agree in writing and that includes the seller. In situations where financing is not obtainable and you have a contingency in place to protect you, most sellers just authorize the release of the deposit money. I would talk to my agent for clarification on the status of your contingencies and have them talk to the sellers agent about their (the seller's) intentions.

Good luck!
0 votes Thank Flag Link Sat Dec 21, 2013
i have a question about my deposit . the listing agent is asking to to send him a letter saying reason why im backing out and also what form should i send him i was told cancelation of contract however i dont want to cancel its just my didnt get approved for my send loan is it right for me to send him a request of cancelation of cantract so he can send it to seller ?
Flag Mon Dec 23, 2013
i have a concerned if i have a 60 day escrow and this happen with me not getting the loan can the seller get me for anything ? what i mean is i understand if the loan contingency hasnt been meet but can he sue me for anything since its been almost 2 months in escrow ?
Flag Sat Dec 21, 2013
What is your questions Omar? What happened?
0 votes Thank Flag Link Sat Dec 21, 2013
To get your deposit back from escrow you and the seller will need to sign the cancellation of escrow and return of deposit form. Talk to your agent about the process.
Good luck,
0 votes Thank Flag Link Sat Dec 21, 2013
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