Sam,

Our recommendation is to consult with an attorney for their intepretation of the contract and what your best course of action may be.

Good luck

Hi Sam, hopefully you have an attorney to assist you - you need his/her assistance now. Escrowed monies cannot be released to either party without the consent of both, generally at the hands of the attorneys in the transaction. So reach out to your attorney pronto for help, only an attorney can provide legal advice and that is what you need now.

As other posters have said, the answer will likely be found in the language of the contract that you signed.

Good luck to you.

Best,
Jeannie Feenick
"Unwavering Commitment to Service"
Search the MLS at http://www.feenick.com

It sounds like you breached the contract and now want the good faith money back. Normally when a contract is breached the injured party is due the good faith money, in this case it would be the seller. Check your contract to make sure. This is not legal advise just the way it normally is written into contracts in my area.

By the way what grounds do have to get get the good faith money back after making a cash purchase contract and never closing on the property?

Greetings,
As you said, you did sign a contract.

Read it.

Does it say that earnest funds are to be delivered to the seller as liquidated damages in case of buyer default?

Requiring you to put down an additional deposit of $10,000 sounds a bit much. What should have happened is that you should have disputed the fund dispersal within the appropriate time frame and requested a refund of the escrow monies in writing.

At this point you need to seek the advise of legal counsel to advise you on how to proceed.

In my opinion...Crap Happens...You messed up and have to deal with the consequences of inaction. The End.

I promise you going forward you will be rediculously aware of timelines. I agree wih you not making the additional deposit.

Good Luck,