Jerry

Terrence, thank you very much for the advice. I just don't know why I should quit my right to pursue remedy when I ask for refund of my deposit. Now I learned that I shouldn't use the P.A.R. standard form A/S-R.

Christine, thank you too. Just one day before settlement, I was told that the seller is short of $120K due to two mortgages, two tax liens and one judgment payoff in addition to commission and transfer taxes, and he was trying to fight off foreclosure. I feel that it could take more than 3 months for the creditors to approve of a short sale. I have lost my good rate 4.875% for 15 yr fixed (now it is 5.375%), so I don't want to wait for another three months - I'd make offer if I find another good house in my budget range. That's why I want to receive back my deposit money. If I eventually get the house in auction or short sale, I may not pursue the remedy as the seller seems to be just a financial blind as evidenced by his recent large payments and repairs. However, I really don't want to discharge my right to get back my out-of-pocket expenses (inspection, appraisal etc..) for the refund of my deposit. - Sat Apr 19 2008, 19:36

Thank you, Nina. Please refer to line 501 of A/S-R Rev. 9/05: " Should Seller be in default under the terms of this Agreement, or in violation of any seller disclosure law or regulation, this release does not deprive Buyer of any right to pursue any remedies that may be available under law or equity. This release will survive settlement." However, I agree with you that attorney fee may cost me more than the recovery of damages. That's why I'd like to seek opinions for brainstorming. - Mon Apr 14 2008, 19:39

I very much appreciate every comment and advice. Since there seems to be updates, I'd open a new post and seek advice... - Sun Apr 13 2008, 06:58