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Security Deposit not released

Discussion in 'Real Estate' started by Nikkie69, 8th Nov, 2006.

  1. Nikkie69

    Nikkie69 New Member

    8th Nov, 2006
    I am a fairly new agent. My first transaciton was with family and I represented the seller. The buyer did not close escrow because the loan they initially qualified more had a condition on a pending job (they were rellocating). I talked to their loan officer and she was able to get them a sub-prime loan, but the buyers refused because their payment was to high. Long story short, we did not close escrow. Now they want their deposit back ($2000) and a contingency removal had already been signed. According to the Title Co. they can't release the funds without signatures from both buyer and seller. Any advice would be appreciated, I am in California. Thanks.
  2. Simon Hampel

    Simon Hampel Co-founder Staff Member

    9th Jun, 2005
    Sydney, Australia
    I'm not sure if there are too many people here who can help with your problem - this is primarily an Australian based forum, so there's not many people with experience in US real estate.