I need an advice!!!!

What is the name of your state? CA


Recently, I have tried to buy a property, which was listed for $300,000.
So I put in an offer for the listed price, and deposited $3,000.
But there was a price discrepancy with the appraiser because the
listed price of property was $300,000 and the appraised price was $270,000. The difference in price was too much and I could not afford it, so I figured that I was not going to be able to get the loan for the full amount of $300,000 and decided to cancel all the contracts I have signed.

But, there were some miscommunications with my agent. Before I got the appraisal done on the property, I was not sure about the approval of
getting the loan, so I notified my agent first, telling him to hold off on opening the escrow for 2 weeks. He agreed verbally over the phone to do so. Two weeks later, when I found out the appraised price of the property at $270,000, I expressed my intention to cancel opening the escrow to my
agent due to the price difference of $30,000 from the listing price and the appraised value of the property. He and I both agreed that we would proceed with the cancellation of the contract. Then, my agent called me back to let me know that the seller would agree to sell the property at the
appraised value of $270,000. It was my understanding at that time that the selling price of the property was indeed $270,000. However, the escrow was opened at $300,000 and this was not what I agreed on. I also called the listing agent, and talked about this situation, and he did not even know about my intention to cancel the escrow.

I believe my agent and the things have gone awry.
It was my first time trying to buy a property and I did not know anything about buying a real estate. I expected a full refund of my deposit, but
the agent told me that I am not going to get any refund of my deposit.
And yesterday, which was May 7th, my agent faxed me the escrow cancellation contract (I did not even know that the escrow was ever open) . I tried to work things out with him over the phone, but it did not work. He seemed pretty mad over the phone, and told me that he does not want
to be involved in my situation anymore and that he was going to return my check (I do not know the exact amount), then hung up.

I do not know what to do. I am still trying to figure out whether
to sign the cancellation contract first or to wait and see what
my agent will do, then sign the contract.

Can somebody please tell me what I can/should do at this point?
Thank you.


April 7, 2004 - signed the contracts to put in an offer for the house
April 21, 2004 - notified to agent to hold off on the escrow for 2 weeks
April 29, 2004 - expressed my intention to cancel the escrow
- agent called back and told me that the seller agreed to sell
the property at the appraised value ($270,000), and believed
that the selling price of the property was indeed $270,000.
- deposited check was withdrawn from my bank account.
May 3, 2004 - called my agent, and he told me the totally opposite thing,
saying that he is about to cancel everything and that I was
not going to get any of my deposit refunded.
May 7, 2004 - agent faxed me an escrow cancellation contract.




.dewysim

[HomeGuru]

If you do not have a written contract addenda signed by the Seller to sell at the lower price, then use the financing contingency in your offer to terminate the transaction and get your depost back.

It's my first time doing this, so I don't know about real estate..
what is "financing contingency" ..?
and I never signed on any contract addenda at the lower price..
.
.
what do I have to do with the cancellation contract..? T_T..


thank you..


.dewysim

[HomeGuru]

Originally Posted by dewysim

It's my first time doing this, so I don't know about real estate..
what is "financing contingency" ..?
and I never signed on any contract addenda at the lower price..
.
.
what do I have to do with the cancellation contract..? T_T..


thank you..


.dewysim

**A: why, if it is your first time, did you not hire professionals such as a Realtor or real estate attorney? Hire one now.