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Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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We have received a cancellation of escrow from listing agent

Customer Question

we have received a cancellation of escrow from listing agent what do we do should we sign
his document.
We released the mortgage clause due to pressure from the real estate broker and now find we cannot get a mortgage for this property
What should we do not
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Ely replied 1 year ago.
Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms. Please tell me a little more about the situation. Are you the buyer? Is the seller cancelling the sale? Why? Or what has happened, exactly, and what do you wish to achieve here? This is not an answer, but an information request. I need this information to answer your question. Please reply, so I can answer your question. Thank you in advance.
Customer: replied 1 year ago.
We are the buyers the house is in Cal. We are co signers for our daughter to help her qualify for the loan.the realtors sent us the canceling of escrow document and we do not know to sign it or not.
We made the mistake of releasing the mortgage clause due to pressure from the realestate brokers. so i know we might stand to loose some of our deposit in escrow. but how much and is the real estate brokers just threatening us with holding
all deposit and suing for damages.This is a very hot RE market right now so I know they could sell the house right away. Do we need to hire a real estate lawyer? or is the broker just bluffing.
Expert:  Ely replied 1 year ago.
Thank you. I am going to opt out of your question and open this up for other experts.Your JustAnswer Account has not been charged for this conversation and your question is back in the queue. You do not have to stay online for the question to be active. Should an expert pick it up, you should be alerted via email and/or SMS (text message) unless you actively disable these features.There is no need for you to reply at this time as this will "lock" your question back to me, thus inadvertently delaying other experts' access to it.My apologies for any inconvenience and good luck.
Expert:  Irwin Law replied 1 year ago.
Hello. Another expert here. Are you worried about getting your earnest money returned to you? The cancellation of escrow document should say what will happen with the earnest money deposit. It is either forfeited to the seller, or it is returned to the buyer. What does it say?