The seller cancelled the sale, how do we get our deposit back?

Asked by Yasmin, 90230 Tue Jun 12, 2012

The lender took too long. We were approved; however it was past our contract and the sellers did not want to sign another extension. This would have been the 4th. Please advise.

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7
Yasmin, Home Buyer, 90230
Thu Jun 21, 2012
It was cancelled on 6/8/12. Because we did not have a contract at that point, they immediately opened another escrow. I contacted Pacific Escrow inc and she told me there is nothing she can do, the owners have the right to keep our deposit. It is $5000! I mailed the sellers agent & the escrow officer a request to the owners asking them to release our deposit. Our agent said there is nothing he can do and to sign the cancellation form. In addition we will also be responsible for any expenses that the seller will incurred if this goes to arbitration or small claims court.??
0 votes
John Arendsen, Agent, Leucadia, CA
Tue Jun 12, 2012
Are you sure you're even having a problem at this point? How much time has elapsed since the seller cancelled? If it's just been a few days your refund may be getting processed as we speak. Just a thought. There may be no need to panic at this point. Escrow company's are pretty reliable about dispersing funds where they need to go. You may want to call them and find out where your deposit is.
0 votes
Jane Peters, Agent, Los Angeles, CA
Tue Jun 12, 2012
Since the Seller cancelled you are entitled to a full refund. Your agent should contact escrow and get this expedited.
0 votes
Cindy Marty, , Culver City, CA
Tue Jun 12, 2012
Hi Yasmin,
You are entitled to a full refund of your deposit through escrow.
0 votes
Yasmin, Home Buyer, 90230
Tue Jun 12, 2012
Per the sellers agent, they took a backup offer.
0 votes
Marilyn Jenne, Agent, Los Angeles, CA
Tue Jun 12, 2012
Your deposit is with escrow. It requires a signed document by both parties to release it. Either the seller or escrow will forward cancellation and release instructions. Or, since you did get approved, they may be taking a little time to rethink the situation. No seller wants to walk away from a (nearly) done deal.
0 votes
Eric H. Wong , Agent, Albany, CA
Tue Jun 12, 2012
The listing agent should have given you a notice to preform. Once you were not able to preform the listing agent should have given you a cancellation of contract.

On the cancellation of contract form are the instructions to the escrow company to release the deposit.

Talk to your agent.
0 votes
On the cancellation instructions it indicates that the funds on deposit shall be disbursed to the seller. We have not signed it. The listing agent did not give us a notice to perform. Our agent told us to talk to Wells Fargo to see if they can help us get our deposit back, since they took so long.
Flag Tue Jun 12, 2012
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