What is the name of your state? MI.
The appraisal for the home we were willing to purchase was short by $7000. Hence bank did not approve our mortgage. we (myself & our real estate agent) tried to negotiate with the seller ( and his agent) to reduce the price. the seller suggested that he will not accept and hence we sent him the mutual release. The seller did not sign the mutual release.
Kellar williams(KW), which is the brokarage company is holding $10000 earnest money deposit. KW is saying that they are not going to give us the money untill the seller signs the mutual release.
The Purchase Agreement (PA) says that "if the buyer could not get a mortgage approved withing 30 days, the sale is void and the earnest money will be returned to buyer with the return consent from the seller or the buyer." we send the mutual release to the seller within 30 days.
why is KW not giving me the money. It has been six months since KW is holding the money.
thanks in advance.