Home Buying in 91504>Question Details

Propertyvirg…, Home Buyer in Los Angeles, CA

We cancelled the escrow but the seller has not signed the cancellation doc.

Asked by Propertyvirgin, Los Angeles, CA Tue Feb 17, 2009

We cancelled the escrow but the seller has not signed the cancellation doc. The seller and her agent are related and they picked the escrow company who I think they are related to as well. What should I do to get my escrow money back?

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6
Keith Sorem’s answer
The point here is that no one in this thread has read the documents of this transaction.

You need legal advice. Ask an attorney for legal advice.

Ask your Realtor for real estate advice. If they do not know, then ask your Realtlor's broker.
0 votes Thank Flag Link Tue Feb 17, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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Bill is right, everything should be laid out in the contract. If you are dealing with a bank you have to be careful, sometimes you sign away rights in there addendums without even realizing it. They have subtle ways of including things that benefit them, and it takes an experienced eye to catch them.
0 votes Thank Flag Link Tue Feb 17, 2009
Property,

The first thing you need to do is find out the grounds on which they are retaining your escrow money. Your purchase contract should have information that specifically outlines the handling on escrow money when a buyer or seller decides to not execute the transaction.
0 votes Thank Flag Link Tue Feb 17, 2009
i have run into something similar. my buyer cancelled on a condo w. katrina damage because after a month there were still no utilities. Could not do inspection or appraisal in this condition. he cancelled in good faith on this basis but listing agent tried to claim she was owed commission. My broker fought & got deposit returned,but do you think I will ever deal with this agent again? NO NO AND NO!! you should have a cancellation clause re: unacceptable inspection or failure to appraise and this allows you to walk with no consequences. if this is in place,you are in good shape. Did the listing agent disclose the relationship w. the seller? Even if you are in the right,and it seems you are,some agents are greedy and will try to play these scam games. i suggest you get your brokerage to go to bat for you as mine did. And rest assured that these agents who play these greed games will eventually be run out of business because reputable agents will not deal with them.
0 votes Thank Flag Link Tue Feb 17, 2009
The first appraisal exactly matched the offered price which I agreed upon but I was'nt totally convinced because the comps were much lower priced and I didnt pick the first appraiser. I wanted to verify if the other appraisal falls in the same range, so went for a second appraisal that came back much lower than the price of agreement. Also the seller refused to pay for the repairs that came up during inspection which I wasnt happy about. My other question would be why there is a big difference in the two appraisals.
0 votes Thank Flag Link Tue Feb 17, 2009
I think we need more info. Why did you cancel? I'm sure you had a legitimate reason.
0 votes Thank Flag Link Tue Feb 17, 2009
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