Escrow didn't receive downpayment

What is the name of your state? California

We recently sold our house and are currently in the final stages of escrow. Escrow company notifies us Monday to come in and sign the papers. Both parties sign Tuesday morning and loan company receives doc's Tuesday afternoon. We've asked on several occassions if the downpayment has been placed in escrow and always told "yes". At the signing we again asked "Have you received the downpayment" and escrow says yes and house is scheduled to close Thursday or Friday at the latest. Thursday morning we're notified by the buyer's agent that downpayment HAS NOT been placed with escrow and escrow will not receive until Monday. Do I have any recourse with escrow and/or the agents? Buyer's knew I was moving out of state and as result of their actions have now been delayed by a week.

[HomeGuru]

Originally posted by tshafer333
What is the name of your state? California

We recently sold our house and are currently in the final stages of escrow. Escrow company notifies us Monday to come in and sign the papers. Both parties sign Tuesday morning and loan company receives doc's Tuesday afternoon. We've asked on several occassions if the downpayment has been placed in escrow and always told "yes". At the signing we again asked "Have you received the downpayment" and escrow says yes and house is scheduled to close Thursday or Friday at the latest. Thursday morning we're notified by the buyer's agent that downpayment HAS NOT been placed with escrow and escrow will not receive until Monday. Do I have any recourse with escrow and/or the agents? Buyer's knew I was moving out of state and as result of their actions have now been delayed by a week.

**A: contact your real estate agent.

Originally posted by HomeGuru
**A: contact your real estate agent.

We've been in contact with our agent, the buyer's agent, escrow officer and loan officer. The answer from all these parties is "gee we didn't realize the downpayment wasn't received". Contract clause for the downpayment states "Balance of purchase price to be placed with escrow holder in sufficient time to close escrow". I'm pretty sure placing the funds on Monday almost a full week AFTER signing closing docs doesn't qualify as "sufficient time".

[HomeGuru]

Originally posted by tshafer333
We've been in contact with our agent, the buyer's agent, escrow officer and loan officer. The answer from all these parties is "gee we didn't realize the downpayment wasn't received". Contract clause for the downpayment states "Balance of purchase price to be placed with escrow holder in sufficient time to close escrow". I'm pretty sure placing the funds on Monday almost a full week AFTER signing closing docs doesn't qualify as "sufficient time".

**A: when is the closing dates as specified in the contract and what date will the monies be in escrow?

Originally posted by HomeGuru
**A: when is the closing dates as sepcificed int he contract and what date will the monies be in escrow?

Escrow was/is slated to close 45 days after acceptance of offer. Monday is the 45th day and escrow is sure they will receive the balance on this date.

[HomeGuru]

Originally posted by tshafer333
Escrow was/is slated to close 45 days after acceptance of offer. Monday is the 45th day and escrow is sure they will receive the balance on this date.

**A: then I see no problem and you have absolutely nothing to complain about.

We are now at 47 days of a 45 day escrow. According to the lovely title company, down payment was sent to wrong title company Friday(gee funny you didn't know that until this morning). GRRRRRRRRRRRRRRR I've already filed a complaint with the Department of Insurance over this fiasco. I need to what else i can possible do to get this escrow closed or my aggrevation compenstated.

[HomeGuru]

Talk to your agent and his/her principal broker.