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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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7
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
Hello Omar, it depends on the reason of the cancellation and from whom cancelled. Your agent should know the answer depending on what was written in the purchase contract. There are timeframes and it is spelled out. Was your loan declined or was there unknown damages found in the home inspection or appraisal?

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
BRE# 01140252
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760-486-4225
9am till 7pm Monday thru Saturday, Sundays by appt.
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0 votes Thank Flag Link Sat Dec 21, 2013
And your loan officer is not able to find you other financing? Maybe a 80/10 product with no mortgage insurance?

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

408-352-5147
AGreer@TheMortgageOutlet.com
Flag Sat Dec 21, 2013
i was approved from my first loan however i have a 2nd loan that i came in form a down payment assitant program for 60.000 now i didnt get approved because what happen was that i never knew if the home was renter occupied then i cant do this type of program so because there black and white so they made the decision of decline my file . now this is a 60 day escrow but i ddint hear the bad new since monday of last week i op so trying to do other loans however my debt to ratio is too high so im backing out now the realtor never gave me a notice to perform aso my loan contingency hasnt been meet so i want to know if my deposit is at risk im afraid that the seller will sue me cause i was never told since it past the 17 days period however he did say the tenats are gone but i past by the home and tenants are there so he is saying that he will sue me for rent cause tenats left witch its a lie from his past i have proff from the tanats saying they the owner gave himtill 01/04 so so confus
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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