Home Selling in 08610>Question Details

Teresa, Other/Just Looking in Hamilton, NJ

an offer was made on my house almost 2 years ago and a downpayment of $2,000 was placed in an account with

Asked by Teresa, Hamilton, NJ Mon Dec 15, 2008

the buyers real estate company.the buyer backed out after she had been approved for the mortgage.she asked us to return the deposit and we refused as she did not have any reason to back out.that money is still with her real estate company and she moved and left us no way to find her to get her to sign over the deposit.we finally sold our house 6 months later but lost over $20,000 on the final sale.how do we go about getting our deposit released from the buyer real estate company?

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Wayne and Kathleen Smith’s answer
Teresa,

First, You need to confirm that the money is still in escrow. Did you use an attorney? If so, this falls directly on their desk to come to get a resolution. The next option is as was mentioned, through your listing agency to the buyers agency.
Since the buyer has now moved and may be unreachable, whatever legal recourse there may be on your part and whatever legal fees that may be incured by you to make you whole beyond the $2,000 deposit may be spending good money for no return. This is especially true if the buyer has vanished.
0 votes Thank Flag Link Tue Dec 16, 2008
All good answers. Start with your listing agent, get a copy of the contract and call the buyer broker. Explain the situation and also explain that you're willing to go to an attorney to get this money due you.

Good Luck!

Laura Giannotta
Keller Williams Atlantic Shore
0 votes Thank Flag Link Mon Dec 15, 2008
If you used an attorney for the transaction they should have dealt with it. The buyer's broker should have handled it in accordance with your contract - can you confirm that they still have it? It may be that it should have been deposited with the court but your need legal advice to resolve it.

When you say you "lost" over $20,000 do you mean you sold for that much less than the original buyer was going to pay but that the house actually appraised for the higher amount?

Paul Howard, Broker
NJHomeBuyer.com Realty
Cherry Hill NJ 08002
856-488-8444
MEMBER: NAEBA (National Association of Exclusive Buyer Agents)
http://www.naeba.org
http://www.twitter.com/paulhoward
0 votes Thank Flag Link Mon Dec 15, 2008
ODD that is not in title company than with buyers agent real estate company. Your listing agent should be able to review terms and conditions of executed contract signed by you & buyer. Sorry to hear about this. Entire contract would need to be reviewed in order render an opinion . Your listing agent/listing broker should assisting you in securing your deposit if all is true. You can also file complimant with State for buyers agent broker non compliance to contract signed. State department handles realtors takes any comments serious do follow up to resolve any and all issues. In some instances could suspend or revoke license.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Mon Dec 15, 2008
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