Asked by RRichards, Los Angeles, CA • Wed Mar 26, 2008
A buyer asked to buy our home that was not on the market. We accepted the offer, signed all purchase agreements and their were no contingencies as he was already approved for his home loan. We received a copy of the loan approval and agreed upon a down payment. A week later the buyer asked to change deal and have us carry back more than we agreed to, we said no. We made financial decisions based on this sale, including not taking a refinance loan. The next week I called to verify escrow as non refundable deposits where supposed to be in. I was informed the agent was holding buyers check, no escrow was opened and no funds to cover check. Buyer and agent were confronted and we were asked to excuse buyers actions . We lost our refinance and have to start over. Are there any repercussions for the buyer or the agent? Buyer has a large trust fund and hated getting caught, agent says she was tricked too. Not true, she asked escrow to hold check. Can they do this to us?
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