Cancellation of escrow instructions

[JR]

Our buyer failed to provide lender with papers showing his child support would be decreased from $800 to $400/mo, so no loan & no purchase; otherwise loan was approved. California Association of realtors purchase agreement states "deposit...is not a contingency," yet our realtor says deposit will be returned to buyer because of some contingency. I believe we should receive the deposit because he is the one responsible for the cancellation of escrow.

 

[Marcia M]

It depends on the EXACT language of the escrow and unless you got a lawyer to help you out when you signed and put in a representation that he is qualiified, usually the form contract's mortgage contingency clause says "no mortgage the contract is cancelled."

 

[ptm]

You should just let it go and work on selling your house. The guy didn't rip you off and he deserves the money after all - he lost out on the house. Take all this energy you have and focus towards selling it and quite trying to get money that was never yours to begin with!!