Asked by Steve, Covina, CA • Mon Dec 1, 2008
We are in the middle of escrow and the final appraisal has come in lower than the purchased price. The seller's agent has been avoiding our attempts to negotiate. After finally getting a hold of her, she said that the seller will have to go into a short sale and that we would have to compete with other buyers. I have recently found out that she has brought another offer to the bank. I believe that this was due to the fact that she will be making double commission from this offer. I thought that this was very unfair so I spoke to her broker and he assured me that he would help clear this up. We have not cancelled our escrow, but I am afraid that they might open up another escrow and sell the property to someone else. Is it legal to start another transaction if the previous escrow has not been cancelled?
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