Hello, I was trying to buy a property in FT Lauderdale, I put 10k for escrow deposit now the State has my money. How can I get my money back?

Asked by jacl2007, Fort Lauderdale, FL Sun Jan 20, 2013

Put 10k in escrow deposit, Bank declined the loan and seller filed a complain now according to my realtor the State has the money.

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Angela Schrager’s answer
Angela Schra…, Agent, Pembroke Pines, FL
Sun Jan 20, 2013
jacl2007: It's impossible to tell for certain from the details that you've provided, but it sounds like you're describing an escrow dispute. When the escrow holder receives conflicting claims from both the buyer and the seller, the holder is required to turn the matter over to an arbitrator in order to decide who is legally entitled to the money.

The particular arbitrator involved depends on the type of escrow holder that is holding the money. I am going to guess that your dispute was referred to the Florida Real Estate Commission (FREC) for an "Escrow Disbursement Order" (EDO). A special committee of FREC would gather information and documentation, hold a hearing, and decide who is entitled to the money. They will issue that Order to the escrow holder and that company/person would be obligated to follow the instructions of the FREC committee.

If you are working with a Florida Realtor on this transaction, your Realtor is responsible for educating you about the process, and helping you provide whatever information will be necessary for FREC to determine the proper disbursement of the funds.

I hope this helps!

Angela
Villa G Realty, Inc.
Tel: 954-816-7996
Web Reference:  http://www.villagrealty.com
1 vote
Andre Shambl…, Agent, Miami, FL
Sun Jan 20, 2013
Thanks for the inquiry. I recommend you run not walk to consult with a real estate attorney. This is a question that's going to require review of signed contract and addenda to answer. Also as this is now a legal matter the logical advice would come from a real estate attorney.

Give me a call for further guidance 786-704-8482.

Andre Shambley
District Manager
Real Living FSR Surfside
1 vote
Chad Gray, Agent, Fort Lauderdale, FL
Wed Jan 23, 2013
Hopefully you used a trusted Realtor to broker the transaction. If so, he or she should be able to explain your rights, as outlined in the contract.

If you did not use a Realtor, then the advice you received to contact a real estate attorney is sound.

Best of luck!

Chad Gray PA, Realtor
Luxury Living Fort Lauderdale
Coldwell Banker Residential Real Estate
754-300-6040

100% of clients rated our service as "EXCELLENT"!
http://luxurylivingfortlauderdale.com/what-clients-are-saying/

.
0 votes
jacl2007, Home Buyer, Fort Lauderdale, FL
Mon Jan 21, 2013
Thank you all so much for your advice.
0 votes
Patricia Sal…, Agent, Fort Lauderdale, FL
Sun Jan 20, 2013
If you signed a Florida Bar Real Estate Purchase Agreement was it a cash contract? Did it have contingencies ? Do you have a Florida attorney to advise you? If you need help choosing a Real Estate Attorney please let me know & I cam recommend one.
0 votes
Spirit Messi…, Agent, Tucson, AZ
Sun Jan 20, 2013
A lot of moving parts here, and I am not a Realtor in FL, but in AZ. I would recommend you take a copy of the purchase contract and visit an real estate attorney. For example, here in AZ on our purchcase contract there is a loan contingency that protects the buyer, and their earnest money in a situation like this.

Best of luck.

Spirit
0 votes
Ruth and Per…, Agent, Los Gatos, CA
Sun Jan 20, 2013
Hi Jacl

Thanks for your question, and regret to learn of your problem.

Jacl, it all comes down to the contract written up by your Realto or lawyer and
Signed by you.

Was there a loan contingency period ? Did you file the right extensions ?

Also generally a Buyer gets Approved by a lender before making offers.
The issue is why was the loan denied, I.e. did it not appraise?
or did the property not pass FHA Conditions requirements such as Mold or
Habitability.

If we can know some more facts it will be helpful.

It appears you were likely buying a foreclosure or a probate property?

If you wrote the contract yourself or wrote the offer with the listing agent
And agreed to no loan contingency you may have an issue.

If you have an Agent or Lawyer, work with them.

Hopefully, it will all work out.

Anything to do with the State will take time.

Good luck
Perry
Web Reference:  http://www.ruthandperry.com
0 votes
Ann Ryan, Agent, Doral, FL
Sun Jan 20, 2013
Like Angela, I believe you have an escrow dispute that is under review by the FREC. I'd start by calling FREC during working hours to ask what the status is, and then follow that up by a call to a real estate attorney.
0 votes
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